Consultant Editor Investigations

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A ten-page whistleblower report outlining concerns within First Citizens, in particular the conduct and actions of Deputy Chairman Dr Sterling Frost, has been submitted to its Board of Directors for urgent action.

The report, completed according to the Bank’s Whistleblowing Policy #284, was submitted in March 2026 and focuses on four main complaints: the alleged misuse of the Group’s whistleblowing mechanism as an instrument of coordinated targeting; an alleged structural conflict of interest between a senior management role and a board-level position that compromises the independence of critical organisational processes; the alleged overreach of a board member into operational matters, leaving the chief executive without the executive support required to lead the institution; and the Board’s alleged failure to discharge its fiduciary and regulatory obligations in multiple material respects.

According to the report, the Board requested that all whistleblowing submissions be disclosed on an ongoing basis, but there exists no provision for the full Board or any individual Board member to receive them.

“The Board was not assigned any investigative role under the policy and had no basis under it to receive this information. The consequence of this breach is serious,” the report obtained by Guardian Media Investigations Desk alleges.

As a result, the report further notes that the “Deputy Chairman was in receipt of...

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