Print this article
Upper Tribunal overturns ban for Barclays CF29 who hid 'tone at the top'
Chris Hamblin
16 August 2019
Tinney performed the CF29 (Significant Management) controlled function between May 2010 and December 2012, overseeing Barclays Wealth’s global technology, operations and infrastructure activities, plus its compliance function. He commissioned a consultancy to produce a 'culture audit' of Barclays Wealth America (which said that BWA had a 'high risk' culture that was actively hostile to compliance) but then suppressed it, in breach of "statement of principle" 1 in the part of the FCA's rulebook that deals with approved persons (APER). In 2016 the FCA accused Tinney of misconduct and said that he had acted without integrity in breach of APER 1, commenting that he was not a fit and proper person to perform controlled functions. Its Regulatory Decisions Committee (RDC) decided to censure him publicly and to issue a partial prohibition to stop him from working in financial services under certain circumstances. About a fortnight ago the Upper Tribunal forbade the partial ban, which had been in the offing for three years pending Tinney's appeal, with the following words. "Ms Hanif had never existed and, in doing so, he acted without integrity in breach of APER 1."