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British lawmakers are calling for an independent investigation into how the country's financial regulator treats whistleblowers, following the death of a former City trader who exposed undisclosed business ties between US Commerce Secretary Howard Lutnick and the disgraced financier Jeffrey Epstein.
Simon Andriesz, who once held a senior position at the international brokerage firm BGC Partners, died in Thailand last month. His family has confirmed that he took his own life on 23 September and stated that there is no indication of foul play. The news of his death has intensified scrutiny of the pressure whistleblowers face when they raise concerns with the Financial Conduct Authority (FCA).
The case has prompted a group of MPs to demand that the FCA fund an independent evaluation of its whistleblower procedures. They argue that Andriesz's experience — and his death — raise what they describe as deeply troubling questions about the treatment of individuals who approach the regulator with evidence of wrongdoing, as well as about the retaliation they may subsequently endure.
At the centre of the controversy is evidence Andriesz gathered earlier this year, which he submitted to the FCA, the FBI and other watchdogs. His findings suggested business connections between Epstein and Lutnick that cast doubt on the commerce secretary's public statements about the extent of his association with the late convicted sex offender. Lutnick founded and ran BGC Partners before being appointed by US President Donald Trump.
Among the disclosures made by Andriesz was an account of Lutnick allegedly seeking to "buy a prince" — in Andriesz's own words — by offering to enter a business venture with Andrew Mountbatten-Windsor in 2013. According to the evidence, Lutnick proposed using the former prince's contacts to attract investment in exchange for a £1m loan. BGC has told the BBC that the proposed joint venture never went ahead.
Andriesz also provided the FCA with evidence supporting allegations of misconduct at Lutnick's former firm. One allegation concerned a pool of commission money that had been set aside to pay brokers' bonuses, which he claimed was "embezzled" for improper purposes. The firm has denied the allegation.
Weeks before his death, Andriesz spoke at a public event organised by MPs, whistleblowers and campaigners who are pressing for fairer regulation. He said he felt "thoroughly let down" and described being put through "absolute hell" by the FCA, to which he had submitted evidence of what he regarded as whistleblower retaliation by BGC and its lawyers.
The FCA had previously informed Andriesz that there was "insufficient evidence" to conclude that retaliation had occurred. He believed that conclusion made it harder for him to win a claim against BGC at an employment tribunal. BGC has previously told the BBC that it maintains strong policies to protect whistleblowers and has denied retaliating against him.
John McDonnell, the Labour backbench MP who chairs the All-Party Parliamentary Group (APPG) on Investment Fraud and Fairer Financial Services, described Andriesz's death as a "profound and preventable tragedy." He stressed that whistleblowers are an essential component of the financial regulatory system and warned that the integrity of that system would be undermined if people did not believe they would be treated properly, protected appropriately and listened to seriously.
In July, Andriesz told MPs and campaigners that the FCA had been fully informed about other serious allegations he had raised as far back as 2018, and he accused the regulator of inaction. The FCA told the BBC at the time that it had acted on his allegations, pointing to a supervision order it had issued based on the information he provided. In Andriesz's view, however, that amounted to little more than a regulatory "slap on the wrist" and made it more difficult to pursue a whistleblower retaliation claim against BGC at tribunal.
Later that same month, he told a meeting of the Transparency Task Force, a campaign group, that the FCA was failing to fulfil its obligations to the public and to whistleblowers, accusing it of merely paying "lip service" to rules and regulations. "It protects the institution and then exposes the whistleblower to extreme retaliation and devastation to their lives and families," he said.
The FCA has said it is appointing a new non-executive director to its board, former Bank of England director Lea Paterson, to conduct a review into Andriesz's treatment and the regulator's handling of his whistleblower allegations. An FCA spokesperson said: "We are very sorry to hear of Mr Andriesz's death. Our thoughts are with his family and friends."
The MPs' call for an independent party to evaluate the FCA's handling of whistleblowers reflects broader concerns about whether the regulator is equipped to protect those who come forward with evidence of financial misconduct. The case has also drawn attention to the personal toll that whistleblowing can take on individuals who feel abandoned by the very institutions meant to safeguard them.
Andriesz's evidence concerning Lutnick and Epstein has already attracted international attention. A 2012 photograph discovered in the Epstein files shows Lutnick and Epstein together on Little St James, the financier's private island in the US Virgin Islands. The image, sourced from the US Department of Justice, has added to questions about the nature and extent of their relationship.
The BBC has produced a programme on the subject, titled "Epstein Files: Lutnick, the Royals and the British Whistleblower," in which a former trader reveals how he unearthed evidence that the US commerce secretary had failed to disclose a business relationship with Epstein. The programme is available on BBC Sounds.
For his family and supporters, the focus now is on ensuring that Andriesz's death leads to meaningful change. The MPs' demand for an independent review is intended to establish whether the FCA's processes failed him and whether other whistleblowers could face similar treatment in future. The outcome of that review is likely to be closely watched by campaigners, regulators and lawmakers on both sides of the Atlantic.
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