The Financial Conduct Authority (FCA) has initiated a probe into its interactions with Simon Andriesz, a whistleblower who died last week at 57 years old after taking his own life. Mr Andriesz, a former managing director at BGC Partners, had reported alleged links between US secretary of commerce Howard Lutnick and convicted sex offender Jeffrey Epstein.
The Transparency Task Force, of which Mr Andriesz was a member, has called for an inquiry into the FCA’s handling of whistleblowers. John McDonnell MP, chair of the all-party parliamentary group on investment fraud and fairer financial services, is leading this call. The group stated that the FCA had incorrectly advised Mr Andriesz that he had lost whistleblower protection because his identity was known, for which the FCA later apologised.
In response to pressure following Mr Andriesz’s death, the FCA has asked independent board member Lea Paterson to examine whether the regulator failed in its duty of care towards a vulnerable individual. Stephen Braviner Roman, the FCA’s general counsel, stated on Tuesday that the watchdog shared condolences with Mr Andriesz’s family and loved ones.
Mr Roman acknowledged that frustrations remain regarding the feedback provided to whistleblowers, partly due to legal restrictions. He added that the FCA must consider ways to improve, particularly in how it interacts with vulnerable individuals.