UK financial regulator chief answers MPs on whistleblower handling

Nikhil Rathi said the regulator must examine its interactions with Simon Andriesz, with independent board member Lea Paterson leading the review.

The Financial Conduct Authority chief appeared before the House of Commons Treasury Committee on October 13. He said Paterson could make any recommendations she considered appropriate.

The FCA announced the review on October 6 after learning of the former BGC Group employee's death. At the hearing, Rathi stressed the need to reflect on how the watchdog communicated with Andriesz. The review's findings have not yet been presented.

Andriesz accused authorities of failing to protect whistleblowers. He also alleged connections between former BGC chief Howard Lutnick and Jeffrey Epstein. Lutnick denied a personal or professional relationship with Epstein. Those allegations are not presented as established findings.

Rathi said the watchdog sometimes has to close correspondence where it cannot take specific action. He acknowledged that such decisions can cause anger and described whistleblowing as among the regulator's most sensitive responsibilities.

City AM reported that Rathi cited about 1300 whistleblowing reports for 2025–2026, up roughly 20%. That is a count of reports, rather than confirmed breaches.