The Financial Conduct Authority was found in favour by an employment tribunal on two out of three claims made against it by a whistleblower who alleged the regulator ignored his warnings over high street banks’ ‘undercapitalisation’ around the time of the financial crisis.
At a hearing in East London which lasted 19 days, Judge Massarella dismissed whistleblower Walker Sigismund’s claims of detriment and automatic unfair dismissal on the grounds that he made public interest disclosures.
“In making these disclosures, the claimant contrived to position himself as a whistleblower in the belief that this would protect him from redundancy,” the tribunal heard.
His third claim of ordinary unfair dismissal - which is when an employer breaches a worker’s contract rather than their statutory employment rights - did succeed. This was because the tribunal found the FCA to have “acted unreasonably” by deciding “not to engage” with Sigismund’s ground of appeal - that he was dismissed for being a whistleblower.
"The claimant was ‘denied the opportunity of showing that the real reason for dismissal was not sufficient'," the tribunal said. "It may well have made no difference to the outcome; but the authorities are clear that that is a matter of remedy."
The reserved judgement, published on October 6, said Sigismund was entitled to compensation. If he and the FCA do not agree on a compensation amount, there will be a further remedy hearing to calculate it.
At the hearing, 15,710 pages of...
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