We have to take difficult decisions with whistleblowers, says FCA boss

Nikhil Rathi, the chief executive of the UK's Financial Conduct Authority (FCA), has stated that the organization must make "difficult decisions" when dealing with whistleblowers. This follows the suicide of a banker who had alleged links between financier Jeffrey Epstein and US commerce secretary, Howard Lutnick, last month. Simon Andriesz, a former managing director at BGC Group, had worked as a banker at the firm where Lutnick was chief executive.

Andriesz had informed the FBI in 2020-2021 that Lutnick held undisclosed ties to Epstein. Lutnick has denied any connection to Epstein. Andriesz criticized both US and UK authorities for failing to hold BGC accountable and protect him from retaliation. He also accused the FCA directly of mistreating whistleblowers. Rathi acknowledged that whistleblowing work is among the most sensitive tasks undertaken by the FCA.

He stated that following Andriesz's death, the regulator has sought to "reflect on how we communicated and how we engaged with the individual." The FCA has increased its number of whistleblowing reports by 20% over the previous year, with 1,300 reports in the 2025-2026 period.