Regulation

FCA encourages whistleblowing in new campaign

Rozi Jones
|
24th March 2021
fca new screen
"When whistleblowing works well it helps consumers, markets and firms and keeps everyone safe and that is our aim."

The FCA has launched a new campaign, 'In confidence, with confidence', encouraging individuals working in financial services to report potential wrongdoing to the FCA.

As part of the campaign, the FCA has published materials for firms to share with employees and 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 FCA receives is reviewed and the FCA will protect individual whistleblowers’ identities.

The FCA says it has been investing in increased resourcing to support whistleblower interaction, including increasing the headcount on its whistleblowing team.

It has introduced a mandatory e-learning module for all staff, to help identify potential whistleblowers and make sure any intelligence received by the FCA is dealt with correctly and that identities are protected.

The FCA’s website has been updated to provide more comprehensive information for potential whistleblowers and 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.

Mark Steward, executive director of enforcement and market oversight at the FCA, said: "We want all whistleblowers to feel welcomed by us and to feel safe because of us.

"We listen to all whistleblowers and, if they shine a light on serious misconduct, we want to make sure we act responsibly. When whistleblowing works well it helps consumers, markets and firms and keeps everyone safe and that is our aim."

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