The UK markets regulator is seeking to ban a former Barclays executive from holding senior roles in the UK financial services industry, alleging he recklessly made misleading statements about a 2012 report into the culture of a bank unit.
The FCA alleged Andrew Tinney, the former chief operating officer of Barclays' wealth and investment management division, did not circulate a report from consultants, which said the bank's U.S. wealth unit had a "high risk" culture that was "actively hostile to compliance".
Tinney, who left Barclays in 2013, is contesting the FCA decision and has referred it to the Upper Tribunal, a body that hears challenges to regulatory notices.
"I do not accept that any of my actions can be construed as misconduct and ... I look forward to finishing the job of clearing my good name in the Upper Tribunal," he said in an emailed statement on Wednesday. Tinney left Barclays in 2013.
The FCA said Tinney was appointed chairman of a steering committee in early 2012 tasked with overseeing a remediation programme after a U.S. regulator found deficiencies in the wealth division's U.S. branch, Barclays Wealth Americas (BWA).
A consultancy, hired to examine the culture at BWA, produced a 29-page report which Tinney received in March 2012 and which the FCA said included statements and quotes from interviews of employees who were "highly critical" of some senior BWA managers.
The FCA said that according to the report, BWA had pursued a course of "revenue at all costs". Its main recommendation was that the firm should replace or consider replacing some senior BWA managers.
After discussing its contents with his manager, the FCA alleged Tinney ensured the report would not be seen or made available to others, did not add it to the firm's records or IT systems and told the consultancy not to circulate a copy.
Tinney did put in place briefings and a workshop to address criticisms in the report, the FCA said. But the regulator said he "recklessly made misleading statements and omissions" to colleagues about the report's nature and existence.(Reuters)
Source: www.businessworld.ie
