FCA plans to ban ex-Barclays wealth management boss


The FCA is planning to ban the former chief operating officer of Barclays’ wealth management arm in the wake of allegations he destroyed a highly critical internal report.

The Financial Times reports Andrew Tinney is contesting the findings of an FCA investigation at the Upper Tribunal.

Tinney left the bank in 2013 following allegations made in press reports at the time, which claimed he shredded a report by Genesis Ventures which said the wealth management unit in the US was pursuing a strategy of “revenue at all costs”. The report is said to have added there existed a culture of “fear and intimidation”.

It was reported that Tinney failed to tell superiors about the report. Former Barclays chairman brought in law firm Simmons & Simmons to investigate a report from a whistleblower about a secret report that had been destroyed. Simmons passed its findings to the regulator.

In a statement Tinney told the newspaper: “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.”

The FCA is expected to publish details of the case imminently.

In November the FCA fined Barclays £72m over so-called “elephant deals” where staff lowered due diligence standards for ultra high-net-worth clients.