Upper Tribunal Decision; Barclays plc/Barclays Bank plc
The Tribunal has recorded its decision on a case management meeting, the purpose of which was to determine whether John Varley should be summoned as a witness at the hearing of the applicants’ references. The references concern Barclays’ communications to the market relating to two capital raisings in 2008. FCA made findings and imposed penalties against Barclays in decision notices dated 23 September 2022. One element of the case was an allegation that Barclays plc had failed to act with integrity in breach of Listing Principle 3 because John Varley recklessly approved an announcement and prospectus in circumstances where he was aware of the risk that Barclays plc had not taken reasonable care to ensure that the relevant prospectus and announcement was not misleading, false or deceptive and did not omit the information likely to affect its import. Barclays maintain that in the circumstances set out in the Decision would not be fair for him to be required to give evidence in these proceedings and submitted that the Tribunal should refuse the application for a witness summons. In the event that a refusal was granted, Barclays stated that intended to make an application for a direction striking out the second element of FCA’s case based on breach of LP 3 because in the absence of John Varley as a witness, Barclays say that they could not have a fair hearing of that case. The Tribunal concluded that John Varley should be required to give evidence at the final hearing of these references, adding that it did not consider that it would be unfair or oppressive for him to be required to give evidence.
Last updated · 13 Mar 2026
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