UK MPs Demand Independent Inquiry into FCA's Handling of Whistleblower After Death of British Trader Who Exposed Lutnick-Epstein Links

British lawmakers are calling for an independent investigation into how the country's financial regulator treated a whistleblower whose evidence exposed undisclosed business ties between US Commerce Secretary Howard Lutnick and the late financier Jeffrey Epstein. The demands follow the death of Simon Andriesz, a former senior employee at the brokerage firm BGC Partners, who died in Thailand last month at the age of 42.

Andriesz's family has confirmed that he took his own life on 23 September, and authorities have stated there is no indication of foul play. His death has prompted a group of UK MPs to argue that the circumstances surrounding his final months—during which he repeatedly accused the Financial Conduct Authority of failing to protect him—warrant an independent review.

The case centres on evidence Andriesz uncovered suggesting that Lutnick, who founded and led BGC Partners before being appointed to President Donald Trump's cabinet, had failed to disclose a business relationship with Epstein. Andriesz raised his concerns with the FCA, the FBI, and other watchdogs earlier this year, casting doubt on Lutnick's public statements about the extent of his association with the convicted sex offender.

Among the allegations Andriesz brought forward was that Lutnick had sought to "buy a prince"—offering in 2013 to enter into business with Andrew Mountbatten-Windsor and use the former prince's contacts to attract investments, in exchange for a £1m loan. BGC told the BBC the proposed joint venture never proceeded.

Andriesz also submitted evidence to the FCA supporting claims of misconduct at BGC, including an allegation that cash from a commission pool set aside for brokers' bonuses had been "embezzled" for improper purposes. The firm has denied that allegation.

John McDonnell, the Labour backbench MP who chairs the All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services, described Andriesz's death as a "profound and preventable tragedy." He argued that whistleblowers serve as an essential component of the financial regulatory system and warned that the integrity of that system would be undermined if people did not believe they would be "treated properly, protected appropriately and listened to seriously."

The cross-party group of MPs is calling on the FCA to fund an independent evaluation of its whistleblower-handling procedures. According to the lawmakers, Andriesz's case raises "deeply troubling questions" about how the regulator treats individuals who come forward with concerns about wrongdoing—and about the retaliation they may subsequently face.

Weeks before his death, Andriesz addressed a public event organised by MPs, whistleblowers, and campaigners who are pushing for fairer regulation. He said he felt "thoroughly let down" by the FCA and described being put through "absolute hell" by the regulator.

The FCA had previously informed Andriesz that there was "insufficient evidence" to conclude he had been subjected to retaliation. Andriesz believed that conclusion made it significantly harder for him to pursue a claim against BGC at an employment tribunal. BGC has previously stated that it maintains strong policies to protect whistleblowers and has denied retaliating against him.

In July, Andriesz told MPs and campaigners that the FCA had been fully aware of other serious allegations he had made as far back as 2018, and he accused the regulator of inaction. The FCA said at the time that it had acted on his allegations and pointed to a supervision order it had issued on the basis of the information he provided. In Andriesz's assessment, however, that amounted to little more than a regulatory "slap on the wrist" and further complicated his tribunal claim.

Later that same month, Andriesz told a meeting of the campaign group the Transparency Task Force that the FCA was not meeting its obligations to the public or to whistleblowers, accusing it of merely paying "lip service" to rules and regulations. "It protects the institution and then exposes the whistleblower to extreme retaliation and devastation to their lives and families," he said at the event.

In response to the mounting pressure, the FCA announced it is appointing a new non-executive director to its board—Lea Paterson, a former Bank of England director—to conduct a review into Andriesz's treatment and the regulator's handling of his whistleblower allegations.

An FCA spokesperson said: "We are very sorry to hear of Mr Andriesz's death. Our thoughts are with his family and friends."

The case has drawn attention to the broader question of how financial regulators balance institutional interests against the protections owed to individuals who expose misconduct. Whistleblower advocates argue that when regulators appear to side with the firms they oversee, it discourages others from coming forward with evidence of wrongdoing—a dynamic that the MPs warn could have lasting consequences for the integrity of the UK's financial system.