UK financial regulator to probe its handling of Epstein whistleblower after his death

Britain's Financial Conduct Authority (FCA) has opened an investigation into its handling of a whistleblower case after the former banker involved died by suicide last month at age 57. His death was confirmed over the weekend by the Transparency Task Force, a campaign group of which he was a member.

Simon Andriesz had worked as a managing director at BGC Group, the brokerage firm once led by now-US commerce secretary Howard Lutnick. For years, Andriesz raised concerns about his former employer — first flagging alleged accounting irregularities internally in 2016, a year before his dismissal, and later, in 2020-21, reportedly telling the FBI that Lutnick had undisclosed business ties to the late sex offender Jeffrey Epstein.

Lutnick has denied having any personal or professional relationship with Epstein. Andriesz later discovered an email exchange in released Epstein files suggesting that in 2018 the two men discussed a startup venture they were both involved with. Epstein died in jail in August 2019 while awaiting trial on sex-trafficking charges.

This summer, Andriesz told the BBC's File on 4 Investigates that US and UK authorities had failed to properly hold BGC and its parent company, Cantor Fitzgerald, accountable, and had not protected him from possible retaliation. He also accused the FCA of mistreating whistleblowers and described the toll the process had taken on his family, career and health.

The FCA had given Andriesz inaccurate information, telling him he did not qualify for whistleblower protection because his identity had become known. The regulator later apologised and pledged additional training for its whistleblowing staff.

The FCA has now assigned new board member Lea Paterson to review how staff handled Andriesz's case. However, the all-party parliamentary group on investment fraud, chaired by Labour MP John McDonnell, warned that the FCA risks "marking its own homework" and urged it to commission an independent review instead, warning it could launch its own evidence-gathering process if the regulator refuses. Lutnick has not been accused of wrongdoing over Epstein, and BGC said it disputes Andriesz's allegations but offered condolences to his family.