UK FCA to Investigate Own Whistleblower Handling

 The UK Financial Conduct Authority (FCA) has launched a review of its treatment of whistleblower Simon Andriesz, following his death late last month, as reported by the Financial Times. 

Andriesz, a former managing director at financial brokerage BGC Group, had spent years raising concerns about his former employer and later criticized the FCA’s treatment of whistleblowers. Andriesz also spoke publicly about the significant financial and health toll that whistleblowing had taken on him. The FCA had incorrectly told him that he would not qualify for whistleblower protection because his identity had become known. The regulator subsequently apologized and said it would provide further guidance and training to its whistleblowing team.

The FCA has asked newly appointed non-executive director Lea Paterson to review how the regulator interacted with Andriesz and identify lessons for the future. The UK Parliament’s All-Party Parliamentary Group (APPG) on Investment Fraud and Fairer Financial Services has questioned whether that review is sufficiently independent and called for an external assessment of the FCA’s handling of whistleblowers.

“It is vital that this time a truly independent and non-conflicted organisation carries out the work needed,” said John McDonnell MP, Chair of the APPG. “If the FCA refuses to respond positively, the APPG will consider all alternatives, including conducting its own call for evidence from whistleblowers who have interacted with the regulator.”