Ex-Barclays chief faces ban for destroying culture assessment

UK’s FCA urges former chief be banned for destroying a cultural assessment on senior management at Barclays.

A former chief at Barclays is facing a ban from the financial services sector for allegedly destroying reports that criticised senior management at the UK bank.

Andrew Tinney – global chief operating officer at Barclays between 2010 and 2012 – reportedly destroyed a critical report on the bank’s wealth and investment management culture.

A third party consultancy had authored the ‘cultural assessment’ report, and heavily criticised the senior management.

It said Barclays “had pursued a course of revenue at all costs and had a culture that was high risk and actively hostile to compliance.”

The report then recommended that the senior management be replaced.

The FCA said Tinney had “took steps which aimed to ensure that the report would not be seen,” having been the only member of management to see the document.

It added that he had misled those involved, denied the report’s existence and acted recklessly, despite being in a senior role. 

Barclays suspended Tinney in December 2012, and he resigned shortly after.

Tinney denies the destroying the assessment and claims to have informed his superiors about its contents.

The FCA has referred its recommendation to ban Tinney from financial services to the Upper Tribunal.