By PAUL O’DONOGHUE, Senior Correspondent
THE UK Financial Conduct Authority (FCA) has published the terms of reference for its review of how it handled late whistleblower Simon Andriesz, who made protected disclosures to the regulator.
“The review was commissioned by the FCA’s Non-Executive Directors. It is being conducted by Lea Paterson CBE, an independent Non-Executive Director of the FCA,” the FCA said in a statement.
“When we announced the review, we said it would examine how we interacted with Mr Andriesz. The review will now also look at whether we met our responsibilities under whistleblowing law and followed our own policies and procedures when handling his whistleblowing reports, including his concerns that he had experienced detriment. It will cover the period from at least 2017 to 2026.
“The reviewer will not assess the substance or merits of any allegations contained in Mr Andriesz’s protected disclosures.”
Paterson’s appointment faced intense scrutiny at the regulator’s annual public meeting in October. During a heated exchange, Transparency Taskforce founder Andy Agathangelou called for FCA chair Ashley Alder to resign over the handling of the case.
Andriesz had raised alleged links between the late sex offender Jeffrey Epstein and a high-ranking US government official. The Transparency Taskforce confirmed that Andriesz died by suicide in September, aged 57.
He had also alleged wrongdoing at a Wall Street brokerage. The FCA has since faced criticism over whether it took seriously his claims that his former employer had retaliated against him.
A cross-party group of MPs said his death raised “deeply troubling questions” and called for an external inquiry into the regulator’s treatment of whistleblowers. The politicians warned against regulators “marking their own homework”.
FCA review into Simon Andriesz case
Paterson will have access to all relevant FCA documents and records. She will receive support from “external legal advisors” independent of the regulator and may consult other independent experts.
The review will examine the FCA’s communications with Andriesz, including how it dealt with him as a vulnerable individual. It will also assess whether the regulator followed its own policies when handling his disclosures.
“The review will identify any lessons learned and make recommendations for improvements to the FCA’s future engagement with external whistleblowers and vulnerable individuals,” the FCA said.
“We previously said we aimed to publish findings in early 2027. Given this broader scope and the need to examine evidence spanning many years, more time is needed to complete the review thoroughly.
“A progress update will be published in January 2027, with the final report expected in spring 2027.”
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