Simon Andriesz, a former senior employee of BGC Partners, died last month in Thailand. The treatment of whistleblowers by the UK's financial watchdog must be investigated following the death of a British trader who exposed evidence of links between US commerce secretary Howard Lutnick and Jeffrey Epstein, according to UK MPs.
Andriesz, who worked at BGC Partners, the international firm founded by Lutnick, raised concerns earlier this year with the Financial Conduct Authority (FCA), the FBI, and other watchdogs about evidence he uncovered of business links between Epstein and Lutnick, which cast doubt on Lutnick's public statements regarding his associations with Epstein.
A group of UK MPs stated that Andriesz's death raises "deeply troubling questions" about how whistleblowers are treated when they approach the FCA with concerns about wrongdoing and potential retaliation.
Andriesz's family reported that he took his own life on September 23, and there was no indication of foul play.
Andriesz had alleged that Lutnick sought to "buy a prince" by proposing a business venture with Andrew Mountbatten-Windsor in 2013, offering a loan of £1 million in exchange for utilizing the former prince's contacts to attract investments. BGC Partners stated that the proposed joint venture did not proceed.
Additionally, Andriesz submitted evidence to the FCA alleging misconduct at BGC, including claims that commission money set aside for broker bonuses was embezzled for improper purposes, which the firm denied.
In a public event weeks before his death, Andriesz expressed feeling "thoroughly let down" by the FCA, which he claimed had not adequately addressed his concerns about retaliation from BGC. The FCA had previously informed him that there was "insufficient evidence" to conclude retaliation had occurred, a finding that Andriesz believed complicated his ability to pursue a claim against BGC.
BGC stated it has strong policies in place to protect whistleblowers and denied any retaliation against Andriesz.
John McDonnell, a Labour MP and chair of the All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services, characterized Andriesz's death as a "profound and preventable tragedy" and emphasized the importance of whistleblowers in the financial regulatory system. He warned that a lack of trust in the treatment of whistleblowers could undermine the integrity of the system.
The MPs have called for the FCA to fund an independent evaluation of its handling of whistleblowers. In July, Andriesz had informed MPs that the FCA had been aware of serious allegations he made as early as 2018 and accused the agency of inaction.
The FCA responded by stating it had acted on his allegations and pointed to a supervision order issued based on his information. However, Andriesz felt that this amounted to little more than a regulatory "slap on the wrist," complicating his ability to claim whistleblower retaliation against BGC.
Later that month, he told a campaign group that the FCA was not fulfilling its obligations to the public and merely "pays lip service" to regulations, stating it protects the institution while exposing whistleblowers to retaliation.
The FCA announced it would appoint a new non-executive director, former Bank of England director Lea Paterson, to review Andriesz's treatment and the FCA's handling of his allegations. An FCA spokesperson expressed condolences for Andriesz's death and stated they would learn lessons for the future from the review.