FCA to investigate handling of Epstein whistleblower who died by suicide

Simon Andriesz spent the better part of a decade trying to get someone to listen. The British banker, who had worked as a managing director at BGC Group, first raised concerns about accounting irregularities within the firm in 2016, a year before he was fired. Then, in 2020 and 2021, he approached the FBI with a more explosive allegation: that Howard Lutnick, the financial brokerage's former chief executive and now US commerce secretary, had undeclared business ties to Jeffrey Epstein, the late sex offender. Later, Andriesz discovered an email chain in the Epstein files suggesting Lutnick and Epstein had discussed a startup venture together in 2018, two years before Epstein died in jail awaiting trial on sex trafficking charges.

Andriesz, living in Cornwall by then, turned to the Financial Conduct Authority, Britain's top financial regulator, expecting protection under whistleblower laws. Instead, he was told he did not qualify for such protection because his identity had become known. The FCA later apologized for this misleading guidance and acknowledged it would provide further training to its whistleblowing team. But the damage was already done. In interviews with the BBC's File on 4 Investigates this summer, Andriesz described years of what he saw as institutional failure—authorities in both the US and UK unwilling to properly investigate BGC and its parent company, Cantor Fitzgerald, or shield him from potential retaliation. He spoke openly about the toll whistleblowing had taken on his family, his career, and his health.

Late last month, at age 57, Andriesz took his own life. The Transparency Task Force, a campaign group of which he was a member, confirmed his death over the weekend. The news prompted the FCA to announce an investigation into how it had handled him. Lea Paterson, a newly appointed non-executive board member, was tasked with reviewing the regulator's interactions with Andriesz to identify lessons for the future. "We are very sorry to hear of Mr Andriesz's death," an FCA spokesperson said. "Our thoughts are with his family and friends."

But the response has not satisfied Parliament's all-party group on investment fraud and fairer financial services. The group's chair, Labour MP John McDonnell, expressed concern that the FCA was being allowed to investigate itself. He called for an independent organization to conduct a "forensic and objective" evaluation of how the regulator has treated whistleblowers more broadly. "It is vital that this time a truly independent and non-conflicted organisation carries out the work needed," McDonnell said. If the FCA declines, the APPG warned it would consider conducting its own investigation, issuing a call for evidence from other whistleblowers who have dealt with the regulator.

Lutnick has not been accused of wrongdoing in relation to Epstein and has previously stated he had no "personal or professional relationship" with him. He issued a statement condemning Epstein's conduct and expressing support for survivors. BGC, in a brief statement, said it had "long disputed" Andriesz's allegations but did not intend to relitigate them "at this sad time," offering condolences to his family.

The case has exposed a fundamental tension in how Britain's financial watchdog treats those who come forward with serious allegations. Andriesz followed the rules, reported through official channels, and sought protection under laws designed to shield whistleblowers from harm. Instead, he encountered bureaucratic missteps, misleading advice, and what he experienced as institutional indifference. His death raises urgent questions about whether the FCA's internal review can adequately address systemic failures, or whether only genuine external scrutiny can restore confidence in the regulator's commitment to protecting those willing to speak out.