The Financial conduct Authority (FCA) has banned Andrew Tinney, former COO of Barclays’ wealth management division, from holding senior roles in financial services for concealing a critical report criticising the bank’s US wealth unit.
The report criticised senior management in the unit saying that it "pursued a course of revenue at all costs and had a culture that was high risk and actively hostile to compliance."
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The main recommendation of the report was to replace or consider replacing some Barclays Wealth and Investment Management (BWA) members.
Tinney, global COO of BWA from 20 May 2010 to 17 December 2012, received the report in March 2012. The report was made by a third party consultancy firm to address concerns of the US Securities and Exchange Commission (SEC).
He was the only individual at the firm who saw the report, and ensured that it would not be seen by anyone else by not entering it into the firm’s records or IT systems and instructing the consultancy that they would not have to circulate a copy, the regulator alleged.
The regulator also alleged that he made misleading statements and omissions regarding the report's nature and existence.
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By GlobalData“Mr Tinney’s misconduct as described in this notice is serious, particularly in the light of his seniority at the firm, his substantial industry experience and the obvious significance of the concerns giving rise to, and set out in, the report.His actions may have hindered attempts by the firm’s board to understand the reasons for BWA’s regulatory deficiencies,” FCA said.
In December 2012, Barclays received another copy of the report from the consultancy and suspended Tinney, who later resigned.
Tinney is currently contesting the allegation and has referred the matter to the Upper Tribunal.
"I do not accept that any of my actions can be construed as misconduct and I have referred that finding of the regulator to the Upper Tribunal,” Tinney said.
