Desiree Fixler, the former DWS Group sustainability chief who became a prominent whistleblower, has resigned from her position on a key environmental, social, and governance (ESG) advisory committee at the UK's Financial Conduct Authority (FCA).
A High-Profile Departure from Regulatory Advisory Role
Fixler confirmed her departure from the FCA's ESG Advisory Committee, a body established to guide the regulator on sustainable finance policies. Her resignation marks the end of a tenure that brought a unique practitioner and whistleblower perspective directly into the heart of UK regulatory discussions.
The committee itself was launched in November 2021, with Fixler appointed as one of its original members. Her background as the former Group Sustainability Officer at asset management giant DWS, and her subsequent role in exposing what she alleged were misleading ESG claims at the firm, made her a significant appointment.
The Whistleblowing Case that Rocked Finance
Desiree Fixler's journey to the FCA committee was forged in controversy. In 2021, she was dismissed from her role at DWS, a subsidiary of Deutsche Bank. She then publicly accused the firm of overstating the scale of its ESG-integrated assets, a practice known as greenwashing.
Her allegations triggered investigations on both sides of the Atlantic. In the United States, the Securities and Exchange Commission (SEC) conducted a probe, resulting in a $25 million settlement paid by DWS in September 2023. The firm admitted to making misleading statements about its ESG controls. Simultaneously, German authorities raided the offices of DWS and Deutsche Bank.
Throughout this period, Fixler became a symbol for the challenges faced by whistleblowers and a vocal advocate for integrity in sustainable investing.
Implications for ESG Regulation and Oversight
Fixler's exit from the FCA's committee raises questions about the integration of frontline experience into the regulatory framework. She provided first-hand insight into the internal failures that can lead to greenwashing, precisely the issues the FCA seeks to combat through its sustainable finance rules.
The FCA has been actively tightening its ESG regime, introducing measures like the anti-greenwashing rule which came into force on 31 May 2024. This rule requires all authorised firms to ensure their sustainability-related claims are fair, clear, and not misleading.
The regulator confirmed Fixler's departure, stating simply that members serve on a voluntary basis and that her contributions were valued. No specific reason for her resignation was provided by either party.
This development underscores the ongoing tension between the finance industry's embrace of ESG and the rigorous oversight required to maintain credibility. The loss of a member with direct whistleblowing experience in a major greenwashing case may be seen as a setback for regulators seeking to understand and prevent such misconduct.
The FCA is expected to continue its work on ESG with the remaining committee members, but Fixler's departure highlights the critical need for regulatory bodies to retain strong, independent voices who have witnessed malpractice firsthand. The effectiveness of the UK's sustainable finance policies may hinge on this ability to listen to and learn from those on the front lines.
