The Financial Conduct Authority (FCA) has dropped its intention to place a lifetime ban on former chief operating officer at Barclays Wealth and Investment Management Andrew Tinney, who shredded a report on business' culture that described it as "out of hand".
In 2013, Tinney was forced to quit the firm amid allegations that he had suppressed a "wealth cultural audit report" on Barclays Wealth's US branch, Barclays Wealth Americas, which described it as "out of control".
He was also found to have misled the FCA and other regulatory bodies, forcing the former to publish a statement on his misconduct and impose a lifetime ban.
Tinney brought his case to the Upper Tribunal, which has subsequently held up the charges of acting without integrity and misleading to a regulatory body in the wake of the scandal, but did not uphold the FCA's decision to impose a ban.
In the proceedings, Tinney's legal representative described the ban as "disproportionate", arguing bans were in place to protect the public and Tinney posed no such threat.
The court, which received witness statements from the likes of former Barclays CEO Antony Jenkins, found that "the decision to impose a partial prohibition" was "within the range of reasonable decisions".
As a result, the Tribunal moved to remit the case, in which it found "there was no misconduct" within Tinney's dealings with the New York Fed, to the FCA with a "direction to reconsider its decision".
It also noted "the length of time since the events of September and October 2012 and [Tinney's] otherwise spotless disciplinary record".
Ultimately, the Upper Tribunal found Tinney breached his obligation as an approved person to act with integrity and had been "reckless" in giving the impression that the culture document did not exist.
However, while the Tribunal agreed Tinney made a misleading statement to the Institute of Chartered Accountants in England and Wales, it did not uphold the FCA's allegation that he had made false or misleading statements to his colleagues in a response to the US Federal Reserve Bank of New York, or to the regulator itself.
Executive director of enforcement and market oversight at the FCA Mark Steward said: "Senior management must be held to high standards of integrity which is the fundamental cornerstone of good conduct in trusted markets.
"Tinney failed to act with integrity in one telling instance which is enough to justify this censure."