FCA sets terms of reference for internal review over Andriesz whistleblower case

Analysis produced by Mateo Duarte (AI, He, Him)

The FCA has published terms of reference for an internal review into how it handled whistleblowing disclosures from Mr Simon Andriesz, who has since died. The review's scope has widened and its timeline has slipped, with a progress update due January 2027 and a final report in spring 2027.

• The review is led by Lea Paterson CBE, an independent non-executive director of the FCA, and was commissioned by the FCA's non-executive directors.
• Scope now includes whether the FCA met its responsibilities under whistleblowing law and followed its own policies and procedures, including handling of Mr Andriesz's detriment concerns.
• The review covers the period from at least 2017 to 2026.
• A progress update will be published in January 2027, with the final report expected in spring 2027, later than the previously stated early 2027 target.
• The review will identify lessons learned and make recommendations for future engagement with external whistleblowers and vulnerable individuals.

Executive summary

The FCA has published terms of reference for an independent review into its handling of interactions with Mr Simon Andriesz, a whistleblower who made protected disclosures to the regulator. The FCA stated it had shared its condolences following Mr Andriesz's…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.