City watchdog launches probe after whistleblower’s death raises questions

The Financial Conduct Authority (FCA) has initiated an investigation into its handling of a whistleblower, Simon Andriesz, who took his own life last week at the age of 57. Andriesz, a former managing director at BGC Partners, had previously exposed alleged connections between US Commerce Secretary Howard Lutnick and convicted sex offender Jeffrey Epstein.

The Transparency Task Force, of which Andriesz was a member, is calling for a broader inquiry into the FCA's treatment of whistleblowers, with Labour MP John McDonnell leading the push. The watchdog has admitted to advising Andriesz that he had lost whistleblower protection due to his identity becoming known, a claim the Transparency Task Force disputes.

They also argue that Andriesz had raised concerns about the FCA's "poor treatment of whistleblowers" and that he appealed for assistance from senior executives when he feared escalating retaliation. McDonnell highlighted the FCA's use of a "suspiciously small sample size" in a 2021/2022 research project on whistleblower handling, questioning whether the FCA may have chosen the respondents.

In response to mounting pressure, the FCA has appointed independent board member Lea Paterson to review whether the FCA failed in its duty of care to a vulnerable individual who risked personal safety to report alleged wrongdoing. The watchdog has acknowledged condolences and expressed its commitment to improving its internal whistleblowing policy, particularly in how it interacts with particularly vulnerable individuals.