UK regulator FCA to analyze the way it dealt with Epstein whistleblower who took his personal life | Financial Conduct Authority

A prime UK regulator has launched an investigation into the way it dealt with a whistleblower – who highlighted alleged ties between the late intercourse offender Jeffrey Epstein and the US commerce secretary, Howard Lutnick – after he took his personal life.

The British banker Simon Andriesz died late final month aged 57, the marketing campaign group Transparency Task Force, of which he was a member, confirmed over the weekend.

Andriesz had previously labored as a managing director at BGC Group, the monetary brokerage the place Lutnick had been chief government. He had accused the Financial Conduct Authority (FCA) of failing to carry his former employer to account for alleged wrongdoing, and had been wrongly instructed he didn’t qualify for whistleblower safety.

The banker had spent years elevating considerations about his former employer: first with reference to accounting irregularities – which he raised internally at BGC in 2016, a yr earlier than he was sacked – after which in 2020-21, when he reportedly instructed the FBI that Lutnick had undeclared enterprise ties with the late intercourse offender Jeffrey Epstein. Lutnick has since said he had no “personal or professional relationship” with Epstein.

Andriesz, who had been dwelling in Cornwall, later unearthed an e-mail chain within the Epstein files that instructed Lutnick and Epstein had mentioned the prospects of a startup enterprise they had been each concerned in, in 2018. Epstein died in jail in August 2019 whereas awaiting trial on intercourse trafficking prices.

However, Andriesz instructed the BBC’s File on 4 Investigates this summer season that authorities within the US and UK had failed to carry BGC and its guardian firm, Cantor Fitzgerald, correctly to account, or defend him from potential retaliation. He additionally later accused the FCA of mistreating whistleblowers, and raised considerations concerning the toll that whistleblowing had taken on his household, profession and well being.

The FCA had additionally given Andriesz deceptive data, saying he wouldn’t qualify for whistleblower safety as a result of his identification had change into identified. The regulator apologised to him and stated that additional steerage and coaching could be offered to its whistleblowing crew.

The FCA confirmed it had now tasked a brand new board member to analyze how employees dealt with Andriesz’s considerations. “We are very sorry to listen to of Mr Andriesz’s demise,” an FCA spokesperson stated. “Our ideas are along with his household and buddies. Since expressing our condolences, we’d requested Lea Paterson, who has simply joined our board as a non-executive director, to overview how we interacted with Mr Andriesz to be taught any classes for the long run.”

However, the all-party parliamentary group (APPG) on asset placement fraud and fairer monetary providers is worried that the FCA is being allowed to “mark its personal homework” and known as on the regulator to pay an unbiased occasion to “forensically and objectively consider its dealing with of whistleblowers”.

The APPG’s chair, the Labour MP John McDonnell, stated: “It is important that this time a very unbiased and non-conflicted organisation carries out the work wanted. If the FCA refuses to reply positively, the APPG will take into account all options, together with conducting its personal name for proof from whistleblowers who’ve interacted with the regulator.”

Lutnick has not been accused of any wrongdoing in relation to Epstein, and has beforehand stated: “I unequivocally condemn the conduct attributed to Jeffrey Epstein and everybody who participated in his unlawful actions. The survivors of his crimes deserve our respect and help.”

A BGC spokesperson stated: “BGC has lengthy disputed Mr Andriesz’s allegations however doesn’t intend to relitigate these issues at this unhappy time. BGC is sorry to listen to this tragic information and expresses our condolences to Mr Andriesz’s household.”