A former senior Barclays banker “failed to act with integrity” over his role in suppressing an internal document that criticised management, a tribunal has found.
Andrew Tinney, who was chief operating officer of Barclays Wealth, was publicly censured but a judge threw out the Financial Conduct Authority’s attempt to have him banned from senior positions at other banks.
Mr Tinney had previously been found guilty of suppressing an independent report into Barclays Wealth’s US division, and the FCA ruled three years ago that he should be suspended and fined.
However, a court ruling in May – which was only released on Friday due to the completion of a separate criminal case – found that, although he was reckless, it was not done deliberately.
Mr Tinney was accused of giving the impression to the FCA and the US Federal Reserve Bank of New York that the report, called GenVen, did not exist.
In its judgment, the tribunal panel – Judge Greg Sinfield, Catherine Farquharson and John Woodman – wrote: “We have found that, when he drafted his second and third drafts of the B Note, Mr Tinney was reckless as to whether the note might give the impression that the GenVen document had never existed and, in doing so, Mr Tinney acted without integrity.
“We have also found, however, that the FCA has not proved that Mr Tinney, either deliberately or recklessly, made false or misleading statements or omitted material information about the GenVen document in relation to the request by the New York Fed and thus acted without integrity.”
FCA executive enforcement director Mark Steward said: “Senior management must be held to high standards of integrity which is the fundamental cornerstone of good conduct in trusted markets. Mr Tinney failed to act with integrity in one telling instance which is enough to justify this censure.”
Mr Tinney’s legal team said the FCA “went after the wrong person” and accused senior management at Barclays of making him a scapegoat.
Barclays declined to comment.
Source: Press Association