On September 14, 2016, the Financial Conduct Authority published a Final Notice banning Mr. Andrew James Tinney from the UK financial services industry. Mr. Tinney was the Global Chief Operating Officer of Barclays Wealth and Investment Management, a division of Barclays Bank PLC, between May 20, 2010 and December 17, 2012. During that period, Mr. Tinney was responsible for overseeing global technology, operations and infrastructure activities as well as having joint responsibility for the entity’s legal function, including a compliance function. In his role as COO, Mr. Tinney was approved by the FCA to carry out certain functions and was required to comply with the FCA’s Statements of Principle; in particular, he was required to act with integrity.
The acts in question stem from Mr. Tinney’s appointment as Chairman of a Steering Committee to oversee a remediation program that Barclays was undertaking to correct certain deficiencies identified by the Securities Exchange Commission during its examination of Barclays Wealth’s US operation, Barclays Wealth Americas (BWA). The remediation program generated findings that were not favorable for the senior management of BWA and recommended that BWA should replace or consider replacing certain members. As part of the Steering Committee, Mr. Tinney received a hard copy of the Report on March 30, 2012.
The FCA found that Mr. Tinney engaged in actions during the relevant period to conceal the Report from those members of senior management referred to within it, with the intention that it would never be seen by or available to others. The FCA also found that Mr. Tinney recklessly made misleading statements and omissions to certain colleagues as to the nature and existence of the Report. As a consequence of his actions, he exposed Barclays to potential breaches of legal and regulatory obligations, including requests from the Federal Reserve Bank of New York. In December 2012, Barclays received a copy of the Report and shortly afterwards suspended Mr. Tinney’s employment. Mr. Tinney subsequently resigned.
For the reasons outlined in the Final Notice, the FCA concluded that Mr. Tinney failed to carry out his role with integrity and decided that he should be banned from the financial services industry. The FCA believes that Mr. Tinney’s conduct was particularly serious due to his seniority and industry experience. Mr. Tinney disputes the FCA’s decision and the matter has been referred to the Upper Tribunal which will determine whether the notice should be dismissed or if the FCA should reconsider its decision.
The final notice is available at: https://www.fca.org.uk/sites/default/files/andrew-tinney.pdf.