Latest news with #ex-Barclays
The Guardian
24-04-2025
- Business
- The Guardian
Serious Fraud Office to let firms avoid prosecution if they flag up suspected crime
The Serious Fraud Office (SFO) has said it is prepared to let companies avoid prosecution if they self-report suspected financial crime and cooperate with investigators, in an important change to its previous guidance. The SFO, which investigates complex financial crimes, fraud and corruption, said companies that flag potential breaches would be offered the chance to negotiate a 'deferred prosecution agreement' (DPA), apart from in some 'exceptional' circumstances. These agreements usually allow the accused to avoid prosecution, unless they reoffend or violate other terms during the agreement. Under DPAs, prosecutors agree to suspend legal proceedings in exchange for the company agreeing to conditions such as fines, compensation payments and corporate compliance programmes. Previously, companies that self-reported to the SFO still ran the risk of a criminal conviction. The new guidance aims to make it more likely that businesses will step forward to report suspected wrongdoing. Nick Ephgrave, the SFO director, said: 'If you have knowledge of wrongdoing, the gamble of keeping this to yourself has never been riskier.' The anti-fraud agency said genuine cooperation would include the preservation of digital and hard copy records, and early engagement with authorities. If a company self-reports, the SFO has said it will respond with 48 hours, decide on whether to open an investigation within six months, and conclude any DPA within six months of starting negotiations. However, legal experts have warned it would still be difficult for companies to decide whether to self-report or wait for the SFO to uncover a problem. Andrew Smith, a partner at the law firm Corker Binning, said: 'Mr Ephgrave warns companies against trying to bury their skeletons. But in the unlikely event those skeletons are discovered by the SFO, simply pleading guilty can be a more attractive outcome than an earlier self-report.' Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Ephgrave, a former Metropolitan police officer, joined the SFO as director in 2023. In October he said he wanted to improve incentives for individuals who help the SFO, such as paying whistleblowers in a US-style approach. In recent years, the agency has faced a series of big failures in some of its most high-profile cases, such as a failed prosecution of ex-Barclays directors in 2020, the collapse of a trial of ex-Serco executives, and the failure of a decade-long investigation of the mining company ENRC.
Yahoo
12-03-2025
- Business
- Yahoo
Epstein told Prince Andrew that ex-Barclays boss was ‘like family'
Jeffrey Epstein described the former boss of Barclays as 'like family' in an email to the Duke of York, a court has heard. The disgraced financier sought to reassure Prince Andrew of Jes Staley's credibility ahead of a meeting in 2010, as he claimed the banker could be 'trusted 100pc'. The High Court was told on Wednesday that Epstein wrote to the Duke, saying: 'I know you are seeing Jes Staley this morning, he is like family and can be trusted 100pc.' It comes as the ex-Barclays chief attempts to overturn a lifetime ban from the City, which was handed down by the Financial Conduct Authority in 2023 owing to his ties to Epstein. The latest hearing also revealed Mr Staley referred to the convicted paedophile as 'uncle Jeffrey' in email correspondence with his daughter. Mr Epstein was convicted in 2008 for procuring a minor for prostitution in Florida and sentenced to 18 months in prison. As part of the latest evidence, the court heard Mr Staley had forwarded an email to his daughter Alexa from Epstein in April 2009. In it, he appeared to detail how he could introduce her to influential figures in the science world as part of her career ambitions. Mr Staley forwarded the message and made the 'uncle' reference to Epstein as part of the exchange, the court heard. The email read: 'This is from uncle Jeffrey.' Mr Staley, 68, has launched a claim at the Upper Tribunal attempting to reverse a decision by the Financial Conduct Authority to ban him from financial services. The case centres on a letter Barclays sent to the regulator in 2019 claiming that Mr Staley was not close to Epstein and cut ties with him after he was appointed to Barclays in October 2015. The FCA said Mr Staley 'recklessly misled' the agency. In a testy exchange with the FCA's barrister, Leigh-Ann Mulcahy KC, Mr Staley accused the regulator of an 'invasion' of his privacy. After being shown emails in court – which appeared to show how he shared Alexa Staley's academic scores with Epstein – Mr Staley said: 'I think there's an invasion of my family here and I resent it. 'This exposure of my daughter is really important to you.' The court has previously heard how he maintained contact with Epstein after his 2008 conviction. Mr Staley has claimed his warm words to Epstein were part of a close business relationship but he was never personal friends with him. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Reuters
07-03-2025
- Business
- Reuters
Bank of England's Bailey gives evidence at ex-Barclays boss Staley's UK ban appeal
LONDON, March 7 (Reuters) - Bank of England Governor Andrew Bailey said emails between ex-Barclays boss Jes Staley and Jeffrey Epstein "raised awkward questions" in a witness statement made public on Friday, as he gave evidence at Staley's appeal against an industry ban. Bailey arrived at the Rolls Building in London to answer questions on his role in the decision by the Financial Conduct Authority, while he was its chief executive, to open an investigation over Staley's past association with Epstein, who was arrested in 2019 following allegations he was involved in sex trafficking young women and teenage girls for more than two decades. Staley is challenging the FCA's decision to ban him from working in the UK finance industry indefinitely and fine him 1.8 million pounds ($2.3 million) at London's Upper Tribunal. He sat in court flanked by his lawyers as Bailey recounted his interactions with Barclays (BARC.L), opens new tab Chair Nigel Higgins, opens new tab, shortly after the FCA approached the bank following Epstein's arrest in 2019. Barclays sent a letter from Higgins in response, which said Staley "did not have a close relationship" with Epstein and their last contact was "well before he joined Barclays in 2015". The FCA alleges those statements were inaccurate and that Staley recklessly approved the letter, though Staley says both statements are correct. Bailey said in his witness statement that, when he received the letter, he thought Barclays had looked into the issue and the FCA did not need to take any further action. He added, however, that JPMorgan (JPM.N), opens new tab – where Staley was previously head of the private bank and had Epstein as a major client – then contacted the FCA saying they had "found documents suggesting some potential impropriety". 'AWKWARD QUESTIONS' The FCA's case centres on a cache of over 1,000 emails between Staley and Epstein, including those from JPMorgan in which Staley described their friendship as "profound". The emails also feature previously reported references to some of Epstein's other well-known associates, such as Britain's Prince Andrew, Peter Mandelson, now British ambassador in Washington and Microsoft founder Bill Gates. Bailey said in his statement that emails between Staley and Epstein suggested they had a close relationship and that Staley "may have misled Barclays and thereby misled the (FCA)". There was subsequently a meeting attended by Bailey, Higgins, then Bank of England Governor Mark Carney and Sam Woods from the BoE's Prudential Regulation Authority about the letter. "We ... were concerned about the process Barclays had been through to get this answer," he said in his statement. "This raised awkward questions for Barclays and in particular for Mr Higgins, since he had put his name to the letter." Higgins is due to give evidence on Monday. Staley, 68, will from Tuesday be cross-examined over his relationship with Epstein, whose 2019 arrest and subsequent death in custody brought scrutiny on his many high-profile associates. Epstein's crimes have also prompted lawsuits against JPMorgan and public figures like Britain's Prince Andrew as well as against Staley himself, leading to a steady stream of communications between Staley and Epstein being made public.
