The Financial Conduct Authority’s (FCA) decision to ban former Barclays CEO, Jes Staley, from holding senior management roles in the financial services industry has been upheld by the Upper Tribunal.

Staley had approved a letter sent to the FCA that contained misleading statements about the nature of his relationship with Jeffrey Epstein and their last point of contact.

This letter claimed that Staley did not have close ties with Epstein. However, emails between the two saw Staley describe Epstein as one of his “deepest” and “most cherished” friends.

The letter from Barclays to the FCA also claimed Staley ceased contact with Epstein well before he joined Barclays. However, Staley was in contact with Epstein in the days leading up to his appointment as CEO being announced in October 2015.

Hundreds of emails were key to the FCA’s investigation and showed that the two had a close relationship over many years. The regulator found that the pair were also in contact much later than Staley claimed in his letter, revealing they were in contact indirectly in 2016 and 2017. The FCA alleged that Staley acted recklessly when he signed off the letter and the Tribunal agreed.

The Tribunal also found that some of Staley’s evidence “lacked credibility”, and that he has shown no remorse for his conduct.

According to the FCA, Staley acted with a “lack of integrity”, failed to be open and co-operative, and failed to make appropriate disclosures to the regulator.

Joint executive director of enforcement and market oversight at the FCA, Therese Chambers, said: “Staley chose to take a calculated risk that we would take his inaccurate account of his relationship with Epstein at face value.

“He hoped that the truth would never come to light and that he would get away with it. Such a serious lack of integrity flies in the face of the requirements we place on those at the top.

“The Tribunal’s decision shows that we can and will act to protect the financial system by holding those in senior roles to the high standards required of them.”

The FCA proposed to fine Staley £1.8m although the Tribunal reduced this fine to £1.1m as following the FCA issuing its decision notice, Barclays decided not to permit Staley to receive deferred shares to which he could have been entitled.

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