Behind the Money Whistleblowing in the UK, Ep. 1: The cost of speaking up
Dec 8, 2025
In this insightful discussion, Daniel Sheard, a former asset manager, reveals the high stakes of blowing the whistle on risky investments linked to Greensill, detailing the fallout from regulatory negligence. George Patelis, ex-CEO of Tayuda, shares his harrowing experience of personal and professional ruin after exposing financial irregularities. Martin Arnold, financial regulation expert, contextualizes their struggles within the UK’s inadequate whistleblower system, highlighting the contrast with the more supportive US framework and calling for significant reforms.
AI Snips
Chapters
Transcript
Episode notes
Risky Trades And A Slow Regulator
- Daniel Sheard noticed risky, illiquid investments tied to Greensill and repeatedly pushed for documentation.
- After internal complaints he blew the whistle to the FCA and felt the regulator moved too slowly, costing his career and legal bills.
Systemic Failures In FCA Whistleblower Handling
- Martin Arnold and a parliamentary report found repeated complaints that the FCA leaves whistleblowers waiting and mishandles cases.
- Failures include long delays, scope limits, and leaks of whistleblower identities within the regulator.
Reporting A £20m Hole And Paying A High Price
- George Patelis reported a £20m hole at his firm and handed detailed evidence to the FSA, who later stopped communicating.
- The company collapsed, George faced public blame, threats, PTSD, and lost his finance-level career.