Alex Varley-Winter

I’m pleased to share with you some important correspondence sent to @TheFCA CEO Nikhil Rathi by @johnmcdonnellMP in his capacity as Chair of the @appgonifandffs. The correspondence was in the form of an open letter, hence our being able to share it with you. The letter is necessarily detailed and long, but a fair summary would be as follows: The letter challenges the FCA’s handling of whistleblowers and calls for greater independence, transparency and accountability following the death by suicide of whistleblower Simon Andriesz. There are three important topics covered: 1. Independence and scope of the Paterson Review John McDonnell MP questions the appointment of FCA Non-Executive Director Lea Paterson to review the FCA’s handling of Simon Andriesz’s case. He argues that Nikhil Rathi’s evidence to the Treasury Committee on 13th October was contradictory and failed to unambiguously establish whether the review is confined to the FCA’s communications with Mr. Andriesz or extends to wider whistleblowing practices. He requests clear, published terms of reference, clarification of who controls the review’s scope and reconsideration of appointing an independent external reviewer. He also seeks confirmation that the report will be published in full with only redactions as necessary. 2. FCA participation in the APPG’s summit about protecting whistleblowers from retaliation John McDonnell MP criticises the FCA’s decision not to provide an executive-level participant at the APPG whistleblowing summit on Monday 2nd November, offering only an observer. He argues that discussing general principles of whistleblower protection would not compromise the Paterson Review and urges the FCA to participate meaningfully and engage directly with whistleblowers. By not doing so the FCA misses a unique opportunity to learn through engagement; not a good look when the FCA is undertaking a lessons-learned review. 3. Independent survey of whistleblowers The letter strongly challenges the credibility of the FCA’s 2022 whistleblower survey, which received only 21 complete responses from 68 selected individuals, out of 1,041 reports received during the relevant period. FOI disclosures show the exercise was conducted in a purposive and seemingly contrived manner. For example, only cases selected by the FCA’s whistleblowing case handlers were included. John McDonnell MP calls for an independently administered survey of every individual who has contacted the FCA about whistleblowing since January 2022, with the methodology, questionnaire and results published. The letter calls for substantive answers to important questions covering whistleblower protection, regulatory responsibilities and historical FCA practices. It requests an urgent response on summit attendance and a comprehensive reply to the other issues raised within 14 days, emphasising that credible scrutiny, demonstrable accountability and a culture of openness are essential to restoring confidence in the FCA. The full open letter is available for you here: appgifffs.org/wp-content/upl… We believe this is a legitimate and necessary challenge of @TheFCA's handling of whistleblowers, particularly following the death by suicide of whistleblower @SAndriesz. And note that there have been serious concerns in Parliament and in particular by @CommonsTreasury about how @TheFCA deals with whistleblowers going back to at least 2016 - see here, by Lord Tyrie when he was Chair of @CommonsTreasury. Also if you would like to express interest in taking one of the few remaining complimentary places available at the APPG summit in Parliament on Monday 2nd November, which is all about protecting whistleblowers from retaliation and dedicated to the memory of @SAndriesz, please see here: docs.google.com/forms/d/e/1F… Thank you for taking time to read what we believe to be an important message; we hope you agree. Please share your thoughts and repost as you wish - we need to get this message 'out there.'

MP presses FCA over whistleblower review after Andriesz death: moneymarketing.co.uk/news/mp… @johnmcdonnellMP

🗞️ FCA accused of breaking law by withholding whistleblowing data 👇 thebanker.com/content/22d9f6…

🗞️ Calls for FCA policy change in response to whistleblower concerns 👇 ftadviser.com/content/1ee4b8…

🗞️ Whistleblowing reform: what has actually changed since the promises 👇 legallens.org.uk/whistleblow… Thank you to John Barwell for producing this article.

New research from the Pensions Policy Institute shows women aged 55-59 have around half (54%) the pension wealth of men the same age. The Underpensioned: Updating the Gender Pension Gap was published during Pensions Awareness Week. It provides new independent evidence just as the Pensions Commission prepares to make recommendations to government on adequacy, fairness and sustainability in the UK pensions system. The Underpensioned series is sponsored by now:pensions, now part of Marsh. Read the full report: pensionspolicyinstitute.org.…

📺 We have just uploaded the recording of the event we ran Tuesday 21st July, entitled: “The Simon Andriesz Story; and the Role of the Financial Conduct Authority” The speakers were: ●     Simon Andriesz, British FBI Whistleblower ●     Andy Verity, Reporter/Radio & TV Presenter, BBC ●     George Patellis, Connaught Whistleblower ●     Paul Carlier, FX, Financial Markets & Banking Consultant ●     Mark Wright, Managing Director, BankConfidential ●     Steve Middleton, Consultant, BankConfidential ●     Gary Smith, CEO & Legal Director, Meridian Legal Services ●     Ian Byrne MP, MP for Liverpool West Derby You can watch the recording here 👇 youtube.com/watch?v=axIBywZT… If you can, please share this video widely within your network/on social media. 🗣️ Andy Agathangelou says: “Whistleblowers play a remarkably important role in protecting the public interest. They are often the people who have the courage to do the right thing - to speak up and speak out when they see malpractice, misconduct, or wrongdoing - but pay a huge price for doing so, especially when let down by a regulator such as the FCA. At TTF, we believe it is essential that regulators and enforcement agencies have the right frameworks in place to properly support and protect whistleblowers. When people bravely come forward, they deserve to be treated swiftly, professionally, considerately and humanely. When that does not happen, it is deeply disappointing - and frankly, shameful. The Simon Andriesz event was a powerful reminder of why these issues matter. It was an opportunity to shine a light on the experiences of whistleblowers and to ask whether the authorities are doing enough to fulfil their responsibilities; and even if they act in bad faith to protect themselves at the expense of the whistleblowers. We are incredibly grateful to Simon Andriesz, Andy Verity, George Patellis, Paul Carlier, Mark Wright, Steve Middleton, Ian Byrne MP and Gary Smith for sharing their experiences and insights. It was a very special event, and we will continue working together to ensure that, sooner or later, the full truth gets out, one way or another.”

NEW RESEARCH: How long do the bodies that judge us keep their decisions public? Blind Justice UK has published The Memory of Justice, the second in its transparency research series — auditing 12 ombudsman schemes, regulators, and disciplinary tribunals on whether they publish decisions in full, searchable, and for how long. The findings are stark: ⚖️ A solicitor's strike-off stays public for 60 years ⚖️ The Financial Ombudsman has published every final decision since 2013 — none removed 🚫 The Legal Ombudsman deletes consumer complaint records after just 12 months 🚫 The Energy Ombudsman publishes nothing 🚫 The PHSO's decisions portal has published nothing since March 2024 — no explanation given Every finding is verified against each body's own website, with a full evidence annex published alongside so anyone can check the work. This goes to the heart of what transparency in oversight should mean. 📄 Read the report: blindjustice.org.uk/research 📰 Coverage: Law Gazette asks whether ombudsman rulings should last forever 👇 lawgazette.co.uk/news/ombuds…

📽️ UPCOMING FILM: Everyone is lying to you for money “In Everyone Is Lying to You for Money, actor and author Ben McKenzie turns investigator, pulling back the curtain on the cryptocurrency industry and the culture of hype, misinformation, and speculation that fueled its explosive rise. What began as a promise of financial freedom has evolved into a volatile ecosystem rife with fraud and reckless gambling, carrying with it devastating consequences for everyday people. Through firsthand reporting, expert interviews, and a clear-eyed examination of major collapses and scandals, the film traces how crypto became one of the most aggressively marketed financial products of the modern era—and how warning signs were ignored, dismissed, or deliberately obscured. As fortunes are made and lost, Everyone Is Lying to You for Money asks a sobering question: who benefits from the chaos, and who is left to clean up the damage? Accessible, urgent, and often darkly ironic, the film is both a cautionary tale and a call for accountability—cutting through the noise to expose a system built on speculation, influence, and belief rather than truth.” You can access full details here 👇 everyoneislying.com/

✒️ Insuring disaster 2026 - ShareAction's assessment of 40 of the world's largest insurers Here’s an extract from the webpage: “Insurance underpins the world's economy. But insurance companies face a deepening tension: by underwriting and investing in activities that drive climate change, biodiversity loss and social harm, insurers are misaligned with their purpose, and are increasing their own exposure to systemic risk. Now in its fourth iteration, ShareAction’s insurance benchmark evaluates the world’s largest insurance companies on how well their policies and disclosures address key societal and environmental risks.” You can access full details, including a link to download the report here 👇 shareaction.org/reports/insu…

🗞️ City of London Corporation: calls grow for reform of the medieval body 👇 ftadviser.com/content/356766… @MoorgateMermaid @FTAdviser