After discussing its contents with his manager, the Wealth chief executive, Tinney took steps to ensure the report would not be seen by anyone else at the firm, the FCA said.
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The report included statements and quotes from staff that were critical of the management and claimed the USA branch pursued a course of ” revenue at all costs” and had a culture that was “high risk and actively hostile to compliance”.
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”.
It recommended Barclays should replace some of the Wealth Americas’ senior management.
By recklessly making misleading statements and omissions in relation to the nature and/or existence of the report, Mr Tinney demonstrated the failure of cultural leadership that the Salz Review (an independent review of Barclays’ business practices) was meant to address and the culture audit purportedly meant to identify and improve.
“The Authority considers that Mr Tinney did have legitimate concerns at the outset around the litigation risk and employment law consequences about the report being circulated”, the FCA said.
Tinney left Barclays in 2013 have been there since 2009 following the allegations.
The FCA said that according to the report, BWA had pursued a course of “revenue at all costs”. This sets out the watchdog’s finding that Tinney should be publicly censured and banned from carrying out any senior management or Significant Influence Functions in any regulated financial service provider. The report is said to have added there existed a culture of “fear and intimidation”.
Barclays eventually received a copy of the report from the consultancy that compiled it and subsequently suspended Mr Tinney.
“Mr Tinney should therefore have understood that his conduct was not consistent with setting an appropriate tone from the top”.
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“Barclays fully co-operated with the FCA investigation of Mr Tinney”.
