The UK’s Financial Conduct Authority (FCA) is planning to ban former senior Barclays Bank executive, Andrew Tinney, regarding an alleged incident where he destroyed an internal report outlining a high-rolling corporate culture at the bank’s US wealth division, according to the Financial Times.
Tinney, who departed the bank in 2013 amid the allegations, is now reported to be contesting the findings of an investigation by the FCA after denying allegations of misconduct. He has vehemently denied destroying the dossier, insisting he alerted the relevant superiors about the report.
Tinney was the chief operating officer of Barclays’ wealth-management unit when he is alleged to have shredded a highly critical independent report by Genesis Ventures, which detailed a strategy of “revenue at all costs” at the unit’s US division.
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He then allegedly failed to tell his superiors about the report, with former chairman Marcus Agius calling in a law firm to investigate an alert from a whistleblower about a secret report that had been destroyed. The findings were then passed on to the watchdog.
Cases against senior executives by the FCA have been few and far between. This is because under old rules it was difficult for the regulator to point the responsibility solely at one individual, especially in larger firms where there are complex hierarchies.
New rules introduced this year are expected to make it easier for the FCA to hold senior managers to account, making them liable for a fine or ban for failings on their watch.
Finance Magnates has learned that the FCA today published a Decision Notice regarding Andrew Tinney. This sets out the watchdog’s finding that Tinney should be publicly censured and banned from carrying out any senior management or Significant Influence Functions in any regulated financial service provider.
The tribunal will determine the appropriate action for the FCA to take in relation to the matter and its decision will be made public on its website in due course.