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, the matter will now be referred to the Upper Tribunal, the FCA decision note is now subject to the decision by the Tribunal and has no effect in the meantime.

ABOUT THE AUTHOR
Mona Dohle
Mona Dohle speaks German and Dutch, she is DACH & Benelux Correspondent for InvestmentEurope. Prior to that, she worked as a journalist in Egypt and Palestine. She started her career as a journalist working for a local German newspaper. Mona graduated with an MSc in Development Studies from SOAS and has completed the CISI Certificate in International Wealth and Investment Management.

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