A senior UK financial regulator has initiated an investigation into its treatment of a whistleblower who died last month after raising concerns about alleged undisclosed business connections between the late sex offender Jeffrey Epstein and US commerce secretary Howard Lutnick.
Simon Andriesz, a British banker aged 57, passed away in late 2024, according to confirmation from the Transparency Task Force, a campaign group of which he was a member. Andriesz had previously worked as managing director at BGC Group, the financial brokerage firm where Lutnick served as chief executive before his appointment to government.
The Financial Conduct Authority (FCA) has assigned Lea Paterson, a newly appointed non-executive board member, to examine how the regulator's staff engaged with Andriesz's complaints. The FCA acknowledged in a statement:
"We are very sorry to hear of Mr Andriesz's death. Our thoughts are with his family and friends. Since expressing our condolences, we'd asked Lea Paterson, who has just joined our board as a non-executive director, to review how we interacted with Mr Andriesz to learn any lessons for the future."
What were Andriesz's original allegations?
Andriesz spent years submitting complaints to authorities about his former employer. In 2016, while still employed at BGC, he raised internal concerns regarding accounting irregularities. He was dismissed a year later. Subsequently, between 2020 and 2021, he reported to the FBI that Lutnick maintained undisclosed business relationships with Epstein. According to a national broadcaster's investigation, Andriesz alleged that money from a commission pool intended for brokers' bonuses was "embezzled" for improper purposes—a claim BGC has consistently denied.
Andriesz later discovered documentary evidence supporting his claims. He uncovered an email chain from 2018 in which Lutnick and Epstein discussed a startup venture in which both held stakes. The startup in question was Adfin, a digital advertising platform in which Epstein and Cantor Fitzgerald, BGC's parent company, had invested. Epstein died in custody in August 2019 while facing sex trafficking charges.
In media interviews during summer 2024, Andriesz expressed frustration that authorities in both the United States and the United Kingdom had failed to adequately investigate BGC and Cantor Fitzgerald or shield him from potential retaliation. He also publicly criticised the FCA's treatment of whistleblowers and described the personal toll that his whistleblowing efforts had exacted on his family, career, and wellbeing.
How did the FCA respond to his concerns?
The FCA initially provided Andriesz with inaccurate guidance, informing him that he would not qualify for whistleblower protection on the grounds that his identity had become public. The regulator subsequently apologised for this error and committed to providing additional training and guidance to its whistleblowing team. According to a separate account, the FCA required seven years to complete its review of BGC, ultimately issuing a supervision order but taking no enforcement action against the firm or any individuals involved.
Despite these regulatory setbacks in the UK, Andriesz did receive recognition from American authorities. According to reports on regulatory whistleblower awards, he received a $420,000 whistleblower award from a US regulator for his disclosures.
What are lawmakers saying about the FCA's review?
The all-party parliamentary group (APPG) on investment fraud and fairer financial services has expressed scepticism about allowing the FCA to conduct an internal review of its own conduct. The group contends that the regulator should not be permitted to
"mark its own homework"and has called for an independent third party to
"forensically and objectively evaluate its handling of whistleblowers."
John McDonnell, the Labour MP who chairs the APPG, stated:
"It is vital that this time a truly independent and non-conflicted organisation carries out the work needed. If the FCA refuses to respond positively, the APPG will consider all alternatives, including conducting its own call for evidence from whistleblowers who have interacted with the regulator."According to parliamentary sources, UK MPs have formally called for an investigation into the FCA's handling of Andriesz's case.
What is the status of Andriesz's employment case?
Andriesz pursued legal action against BGC through an employment tribunal. However, on 11 August 2026, the tribunal struck out his case, ruling that it had been filed outside the permitted timeframe. Importantly, the tribunal's decision did not determine whether his underlying allegations were factually accurate—it was purely a procedural ruling based on timing.
What are the positions of Lutnick and BGC?
Lutnick has not been formally accused of wrongdoing in relation to Epstein. In a previous statement, he said:
"I unequivocally condemn the conduct attributed to Jeffrey Epstein and everyone who participated in his illegal activities. The survivors of his crimes deserve our respect and support."
BGC issued a statement expressing condolences while maintaining its position:
"BGC has long disputed Mr Andriesz's allegations but does not intend to relitigate these matters at this sad time. BGC is sorry to hear this tragic news and expresses our condolences to Mr Andriesz's family."
What happens next?
Lea Paterson, the FCA's newly appointed non-executive director, will lead the review of how the regulator interacted with Andriesz and identify lessons for future practice. No completion date for this review has been announced. The APPG has indicated it will monitor the FCA's response and may launch its own investigation if the regulator does not commit to an independent external review.
Key Facts
- Simon Andriesz, a former BGC managing director, died in late 2024 after years of raising concerns about alleged wrongdoing at his former employer and its connections to Jeffrey Epstein.
- The FCA initially misled Andriesz about his eligibility for whistleblower protection and has apologised; it took seven years to conclude its regulatory review with no enforcement action against the firm.
- Andriesz received a $420,000 whistleblower award from a US regulator and provided evidence of a 2018 email exchange between Lutnick and Epstein regarding a digital advertising startup.
- An employment tribunal struck out Andriesz's case against BGC on procedural grounds in August 2026, without ruling on the factual accuracy of his allegations.
- The all-party parliamentary group on investment fraud has called for an independent investigation into the FCA's handling of Andriesz, rather than allowing the regulator to review itself.
