FCA seeks to encourage whistleblowing
The UK Financial Conduct Authority (FCA) is seeking to encourage whistleblowing in the financial services sector. The regulator today announces the launch of a campaign, ‘In confidence, with confidence’, that aims to stimulate individuals working in financial services to report potential wrongdoing to the FCA, and reminds them of the confidentiality processes in place.
As part of the campaign, the FCA has published materials for firms to share with employees, as well as using its events to highlight the campaign. It has also produced a digital toolkit for industry bodies, consumer groups and whistleblowing groups to encourage individuals to have confidence to step forward.
Whistleblowers that report to the FCA will have a dedicated case manager. They can meet with the FCA to discuss their concerns and can receive optional regular updates throughout the investigation. Every report the regulator receives is reviewed and the FCA says it will protect individual whistleblowers’ identities.
The Whistleblowing team are developing a confidential web form, increasing the ways in which whistleblowers can make disclosures to them. Individuals can choose to remain anonymous, and many people do. If they do share any information about themselves, then the FCA will keep this safe. This includes not confirming the existence of a whistleblower when making enquiries, unless legally obliged to do so.
The FCA notes that its whistleblowing rules require firms to have effective arrangements in place for employees to raise concerns, and to guarantee these concerns are handled appropriately and confidentially.
The regulator introduced a requirement for firms to appoint a whistleblowers’ champion to make sure there is senior management oversight over the integrity, independence and effectiveness of the firm’s arrangements. These include those arrangements designed to protect whistleblowers from victimisation, as well as overseeing the preparation of an annual report to the firm’s governing body.