The Financial Conduct Authority’s whistleblower review risks becoming a “mark your own homework” exercise, John McDonnell MP has suggested in an open letter to FCA chief executive Nikhil Rathi.
McDonnell’s letter follows the suicide of whistleblower Simon Andriesz who passed away earlier this year.
While the FCA has committed to a review examining its whistleblower practices, McDonnell questioned its effectiveness, specifically identifying the appointment of FCA non-executive director, Lea Paterson, to review Andriesz’s case.
“It is not possible to know whether Ms Paterson is examining one case or the FCA’s treatment of whistleblowers more generally, or something in between that she is free to settle for herself,” he explained.
McDonnell specified that this uncertainty stems from Rathi’s responses in a Treasury Committee meeting on October 13 which, he suggested, were contradictory.
The letter pointed out that, while Rathi initially stated that review would be focused on interactions with Andriesz, what Paterson would be looking at shifted as the questions went on.
“Explaining the decision to appoint a member of the board rather than an external reviewer, you said it was important ‘to reflect on how we have communicated and engaged with the individual in question’,” the letter stated.
“Then, ‘she will look at the way in which we communicated and whether there are any reflections for us’.
“That is a review of communication. Asked to define the limit, you spoke instead of ‘...
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