The Financial Conduct Authority has widened an independent review of its dealings with Simon Andriesz, a protected whistleblower who later died, bringing the regulator’s compliance with whistleblowing law and its own internal policies expressly within the inquiry.
The published terms of reference ask whether the FCA handled its interactions with Mr Andriesz properly, including concerns that he experienced detriment. The review will examine a period extending at least from 2017 to 2026 and may consider earlier or related material where necessary to understand what happened.
Lea Paterson CBE, an independent non-executive director of the FCA, is leading the work. The scope goes beyond a narrow audit of correspondence. It includes whether responsibilities were allocated and discharged appropriately, whether relevant concerns were escalated, and whether the regulator’s arrangements gave effect to protections owed to a whistleblower.
The review is investigative and has not reached findings. Publication of the terms does not establish that the FCA breached the law or caused detriment; it defines the questions an independent reviewer will test. A progress update is expected in January 2027, with the final report planned for spring 2027.
The inquiry carries institutional weight because the FCA supervises firms’ treatment of whistleblowers while also receiving disclosures itself. Its own handling arrangements therefore affect both individual trust and the credibility of the wider regime. The FCA published the official terms and timetable on 2 November 2026.
