A parliamentary group has called for an independent investigation into the Financial Conduct Authority’s handling of whistleblowers following the death of former banker and whistleblower Simon Andriesz.
The All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services (APPG) said Andriesz’s case, alongside evidence from other whistleblowers, raised questions about how individuals are treated when they report concerns about wrongdoing and alleged retaliation.
According to the APPG, Andriesz spent 35 years in the securities industry before becoming a whistleblower.
The group said he later received a formal whistleblower award from the US Commodity Futures Trading Commission, while HM Revenue & Customs issued a determination concerning matters he had raised.
The APPG also said Andriesz repeatedly appealed to senior FCA officials, including chief executive Nikhil Rathi, for support when he believed retaliation against him was escalating and his family was in crisis.
According to the group, the FCA subsequently acknowledged that advice given by an FCA official that Andriesz had lost whistleblower protection because his identity had become known was incorrect.
The regulator apologised and said further guidance and training would be provided to its whistleblowing team, the APPG said.
John McDonnell MP, chair of the APPG, said: “Simon Andriesz’s death is a profound and preventable tragedy. Our thoughts are with his family, friends and everyone who knew and...
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