FCA Seeks to Ban Ex-Barclays Wealth Management Executive

  • Tinney shouldn’t hold senior roles in financial companies
  • Tinney has appealed for a full hearing of U.K. FCA’s decision

A former chief operating officer of Barclays Wealth and Investment Management should be banned from any senior roles at financial companies because he failed to carry out his job with integrity, the U.K. Financial Conduct Authority said.

Andrew Tinney is accused of concealing an external report that criticized senior management in the unit who "pursued a course of revenue at all costs and had a culture that was high risk and actively hostile to compliance," the FCA said in its decision published Wednesday.

Barclays Plc was fined $15 million in 2014 by the Securities and Exchange Commission for poor management of its U.S. wealth-management business, which it sold to Stifel Financial Corp. in June. The SEC said the bank failed to build a strong compliance infrastructure while integrating the business into its U.S. capital-markets division, the agency said in September. Tinney had an external report criticizing the unit’s management, and failed to immediately disclose it to executives or the Federal Reserve Bank of New York when asked about it, the FCA said.

He did discuss the report’s findings with his manager and the two agreed the firm’s "cultural failings" should be addressed, the regulator said.

"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 through a spokeswoman. “I look forward to finishing the job of clearing my good name.”

Tinney, who left the bank in March 2013 according to his LinkedIn page, also worked at KPMG in its Singapore management consulting business until September 2015.

“Barclays is not the subject of the FCA investigation and its findings. Barclays fully cooperated with the investigation in relation to Mr. Tinney,” the bank said in a statement.

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