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In July, Andriesz addressed Members of Parliament and campaigners, revealing that he had informed the Financial Conduct Authority (FCA) about serious allegations he first raised in 2018, but accused the regulator of failing to take meaningful action. Despite this, the FCA informed the BBC at the time that it had responded to his claims, citing a supervision order that had been issued as a result of the information he provided.
However, Andriesz argued that this response was little more than a symbolic gesture—a regulatory “slap on the wrist”—which, in his opinion, complicated efforts to pursue claims of whistleblower retaliation against BGC in tribunal proceedings. His frustration with the FCA’s approach was further articulated during a meeting with the Transparency Task Force campaign group later that month. He accused the FCA of neglecting its responsibilities to the public and whistleblowers alike, asserting that the regulator only “pays lip service” to its own rules and regulations.
Speaking plainly about the consequences whistleblowers face, Andriesz said, “It protects the institution and then exposes the whistleblower to extreme retaliation and devastation to their lives and families.” This criticism highlights the personal cost to individuals who expose wrongdoing, juxtaposed with the perceived institutional reluctance to take robust enforcement action.
Following these developments, the FCA announced it was appointing Lea Paterson, a former Bank of England director who recently joined the FCA board as a non-executive director, to carry out an independent review of how the FCA engaged with Andriesz and managed his whistleblower allegations. An FCA spokesperson expressed condolences, stating: “We are very sorry to hear of Mr Andriesz’s death. Our thoughts are with his family and friends.” The spokesperson added that Paterson’s review aims to identify lessons that could improve the FCA’s future handling of similar cases
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