A former boss of Barclays wealth and investment management has been told by the regulator he should be banned from working in any senior management positions at financial institutions.
The Financial Conduct Authority (FCA) found that Tinney failed to carry out his job with integrity and accused him of willfully obscuring a report criticising Barclays senior management.
Tinney, who now works in the finance department of a Cyprus gaming company, disputes the ban and has referred the matter to a tribunal court. This means that until the tribunal decision no action will be taken.
The ban – known as partial prohibition – means Tinney can still hold junior roles. If upheld by the tribunal it will stand for life, however.
The FCA said:
By recklessly making misleading statements and omissions in relation to the nature and/or existence of the report, Tinney demonstrated the failure of cultural leadership that the Salz Review (an independent review of Barclays' business practices) was intended to address and the culture audit purportedly intended to identify and improve.
The Authority considers that Tinney is not a fit and proper person as he lacks integrity. As a result of Tinney’s actions, the Authority concludes that Tinney cannot be relied upon to be truthful and open.
Tinney is accused of failing to immediately disclose the report to executives or the Federal Reserve Bank of New York when asked about it, then repeatedly lying to conceal knowledge of the report.
Full details of the decision can be read here.
In a statement Tinney 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. I look forward to finishing the job of clearing my good name in the Upper Tribunal.
Poor management at the US arm of Barclays wealth management business cost it $15m in fines in 2014. The unit was then offloaded to a Missouri-based investment bank, Stifel Financial, in June 2015.