The FCA and PRA have dropped plans to ban and fine a former CEO - accused of paying his wife excessive sums to avoid tax - following a damning Upper Tribunal judgment.

Andrew Tinney, the former chief operating office of Barclays Wealth who was censured today by the FCA over his conduct, says the regulator “went after the wrong man.”

The FCA has issued a public censure today on a senior Barclays Wealth executive but dropped a move to partially ban him from the sector following an appeal.

The FCA has today published Decision Notices in respect of three firms and five individuals who it says acted “without integrity” over pension transfers which affected 2,000 customers and £76m in pension assets.