Financial whistleblower takes UK watchdog to court over claims of unfair dismissal
A former employee of the UK’s Financial Conduct Authority has claimed he was unfairly fired by the watchdog, after he raised concerns about systemic issues in the runup to the 2008 financial crisis.
Former FCA risk manager Walker Sigismund told a tribunal that he was unfairly fired by the financial regulator after he filed 27 separate whistleblower reports.
According to Law 360, the risk manager filed reports warning the FCA about the under-capitalisation of banks in the runup to 2008.
Sigismund later warned the watchdog about cases of P2P platforms overcharging consumers, in April 2017.
The watchdog later made Sigismund redundant in 2018, after he filed his whistleblower reports.
Julia Hoggett, a director of market oversight at the FCA claimed Sigismund had been treated reasonably and fairly in the redundancy process.
The FCA declined to comment.