• Warning: References to suicide •
The FCA today published terms of reference for the review into its handling of interactions with Simon Andriesz, a whistleblower who made protected disclosures to the FCA.
The regulator said it had shared its condolences with the family of Mr Andriesz after his tragic death from suicide in September.
Stephen Braviner Roman, general counsel and chief risk officer at the FCA, said in a blog published last month that the regulator had appointed Lea Paterson, an independent non-executive director, to undertake the review.
The group of MPs said that Mr Andriesz’s experience raised deeply troubling questions about the way whistleblowers can be treated when they approach the FCA with concerns about wrongdoing and have fears about subsequent retaliation.
Mr Andriesz made repeated appeals to senior FCA figures, including the FCA chief executive, for help when he believed the retaliation against him was escalating and when he and his family were in crisis.
The FCA subsequently acknowledged that advice given to Mr Andriesz by an FCA official - that he had lost whistleblower protection because his identity had become known - was incorrect. The FCA apologised and said that further guidance and training would be provided to its whistleblowing team.
Today the regulator widened the scope for the review. It said that when it announced the review, it said it would examine how the FC interacted with Mr Andriesz. It will now also look at whether the FCA met its responsibilities under whistleblowing law and followed its own policies and procedures when handling his whistleblowing reports, including his concerns that he had experienced detriment.
The regulator said the review will cover the period from at least 2017 to 2026. It said the review will identify any lessons learned and make recommendations for improvements to the FCA’s future engagement with external whistleblowers and vulnerable individuals.
The FCA said it also needed to give the review more time. It said: “We previously said we aimed to publish findings in early 2027. Given this broader scope and the need to examine evidence spanning many years, more time is needed to complete the review thoroughly.”
The regulator promised that progress update will be published in January, with the final report expected in the spring.
• The Samaritans offers support to those with suicidal thoughts or facing difficult times, day or night, 365 days a year. You can call them for free on 116 123 or visit www. samaritans.org for more ways to speak to a Samaritan.