FCA widens review of handling of whistleblower Simon Andriesz, delays report to spring 2027

The UK Financial Conduct Authority has formally widened and set out the terms for its review into how it handled whistleblower Simon Andriesz, saying the work will now examine not just its interactions with him but also whether it complied with whistleblowing law and its own procedures. The regulator said Monday that the broader scope, and the amount of evidence spanning years, means the final report has been pushed back to spring 2027.

In a statement published Nov. 2, the FCA said: “We have published the terms of reference for the review into our handling of interactions with Mr Simon Andriesz, a whistleblower who made protected disclosures to the FCA.” The regulator also released a two-page terms of reference document. It says the review was commissioned by the FCA’s independent non-executive directors and will be conducted by Lea Paterson CBE, an independent non-executive director of the FCA.

The published terms make clear the review will look more broadly at the regulator’s conduct. As well as examining the FCA’s handling of its interactions with Andriesz, it will consider whether the watchdog met its responsibilities under whistleblowing law and followed its own policies and procedures when dealing with his reports. That includes how it handled concerns that Andriesz had suffered detriment. The review will cover “the period from at least 2017 to 2026.” The FCA is a prescribed person under UK whistleblowing law, meaning workers can make certain protected disclosures to it under the Employment Rights Act 1996.

The terms also say the review will consider the FCA’s engagement with Andriesz as a vulnerable individual and is expected to identify lessons learned and make recommendations to improve how the regulator deals in future with external whistleblowers and vulnerable people. According to the document, the reviewer will have full access to relevant FCA records and documents, with support from external legal advisers and outside experts where needed.

The review will not revisit the substance of Andriesz’s underlying allegations. The terms of reference state: “The Reviewer will not assess the substance or merits of any allegations contained in Mr Andriesz’s protected disclosures.”

The timetable has also slipped. The FCA had previously said it aimed to publish findings in early 2027. It now says a broader scope and a substantial body of material covering many years require more time. The regulator said it will provide a progress update in January 2027, with the final report expected in spring 2027.

The FCA first announced the review on Oct. 6, saying then that it had been in contact with Andriesz for many years and had asked Paterson to examine those interactions. According to BBC reporting cited in the research, Andriesz died on Sept. 23, 2026. After his death, a cross-party group of lawmakers and the All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services called publicly for an independent inquiry into how the regulator treated whistleblowers.