Too slow and too secret? Pace of Staley investigation undermines trust

theguardian.com:

Three years after it began, the findings of a City watchdog investigation into whether the former Barclays chief executive Jes Staley gave a full account of his relationship with the convicted sex offender Jeffrey Epstein to the bank’s board are still pending.

There is a risk that justice delayed may prove justice denied for the British public. Our system relies on the Financial Conduct Authority (FCA) and other regulators to uphold the integrity and honesty of those who manage our money.

The issue came to the fore again this week after the publication of allegations made in a court case brought by the US Virgin Islands, where Epstein had a home, against Staley’s former employer, JPMorganChase bank.

It is alleged by Virgin Islands prosecutors that Staley held discussions with Epstein in which they referred to women by the names of Disney princesses, that Epstein procured women for Staley, and that Epstein emailed his friend photos of young women in seductive poses. Staley is not a party to the lawsuit and denies the allegations. JP Morgan declined to comment on the latest allegations. It previously called for the lawsuit to be dismissed, claiming it did not participate in or benefit from sex trafficking by its former client.

As allegations about Staley’s ties to Epstein have mounted, so too has the pressure on the Barclays board to justify why they backed him to stay on as chief executive in 2020.

The implications of this case are broad, says Simon Learmount, professor in corporate governance at Cambridge Judge Business School: “This is a really, really important case, not just because of what it may reveal about the Staley-Epstein relationship, but the questions it raises about the Barclays board and boards in general.”

Estab