FCA aims to ban ex-Barclays Wealth executive
Andrew Tinney, a former chief operating officer at Barclays Wealth and Investment Management (BWA) faces a potential ban from carrying out any senior management activities, following a Decision Notice published by the Financial Conduct Authority (FCA).
Tinney is accused of having covered up an external report in 2012 which expressed sharp criticism of BWA’s senior management. The report, based on statements of BWA employees, expressed the opinion that BWA had pursued “a course of revenue at all costs” it also warned that the group had “a culture that was high risk and actively hostile to compliance” and recommended replacing some members of BWA’s senior management.
According to the FCA, Tinney was the only individual at the firm who saw this report and repeatedly denied its existence. When the results became known to the chief executive of Barclays Wealth, Tinney was suspended and subsequently resigned.
The FCA also revealed that Tinney disputes its decision, in a statement on its website. The matter will now be referred to the Upper Tribunal. The FCA decision is now subject to the decision by the tribunal and has no effect in the meantime.
Tinney who is now understood to be working for a Cyprus-based gaming company, was global COO of Barclays Wealth and Investment Management between May 2010 and December 2012. During this time he was authorised by the UK regulator.
In his role, he oversaw the bank’s wealth management division’s technology, operations and infrastructure activities.
Click here to read the FCA’s Decision Notice in full.
This article originally appeared on International Investment’s sister title InvestmentEurope.