Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), told MPs on Tuesday that the organisation faces "difficult decisions" concerning some whistleblowers. This statement follows an investigation initiated after the suicide of banker Simon Andriesz, who had flagged alleged ties between Jeffrey Epstein and the US commerce secretary.
Mr Rathi stated that it was "important for us to reflect on how we communicated and how we engaged with the individual" following Mr Andriesz's death last month. Mr Andriesz, a former managing director at BGC Group, had reportedly told the FBI in 2020-2021 that Howard Lutnick, who became Donald Trump’s commerce secretary in late 2024, had undeclared business ties with the late sex offender Jeffrey Epstein. Mr Lutnick has denied any "personal or professional" relationship with Epstein.
Mr Andriesz had previously accused US and UK authorities of failing to hold BGC to account and protect him from potential retaliation. He also directly accused the FCA of mistreating whistleblowers. The FCA has previously apologised for providing Mr Andriesz with misleading information regarding his eligibility for whistleblower protection.
Mr Rathi informed the Treasury committee that "whistleblowing work is some of the most sensitive work the FCA undertakes." He added that the FCA received 1,300 whistleblowing reports in the 2025 to 2026 period, a 20 per cent increase from the previous year.
The case has prompted criticism of the FCA, leading to the regulator tasking non-executive board member Lea Paterson with reviewing its interactions with Mr Andriesz and identifying future lessons. Mr Rathi said Ms Paterson could "recommend anything that she thinks is appropriate."