On 16 August 2019, the Financial Conduct Authority (the FCA) announced that the Upper Tribunal found that Andrew Tinney, the former Chief Operating Officer of Barclays Wealth and Investment Management (Barclays Wealth), breached his obligation as an approved person to act with integrity.
In July 2016, the FCA notified Tinney that it had decided to publish a statement of his misconduct and make a partial prohibition order, preventing him from performing any senior management function. The FCA alleged that Tinney had made false or misleading statements and omitted material information about a document concerning the culture of Barclays Wealth on two separate occasions in 2012. The first was in drafting a note for the Chief Executive Officer of Barclays Wealth to share with the senior management of Barclays. The second was in connection with a response to a request by the Federal Reserve Bank of New York (the New York Fed), who regulates Barclays in the United States. Tinney, denying these accusations, referred the FCA’s decision to the Upper Tribunal.
The Upper Tribunal found that Tinney’s conduct failed to meet the required standard of integrity, however it did not uphold the FCA’s submission that this was a case where a breach of the obligation to act with integrity by a senior manager merited a prohibition order. The Upper Tribunal found Tinney was reckless in drafting the note, but that the FCA had failed to prove that Tinney had made false or misleading statements in relation to the request by the New York Fed.
The Upper Tribunal instead found that the appropriate sanction for Tinney was for the FCA to publish a statement of Tinney’s misconduct (a public censure). The FCA has accordingly published a Final Notice for Tinney, as well its public censure.
This misconduct occurred prior to the introduction of the Senior Mangers and Certification Regime. For misconduct from March 2016, bank Senior Managers are subject to the FCA’s Conduct Rules, and the specific Senior Managers Conduct Rules.