FCA publishes rules for whistleblowing at financial firms

The Financial Conduct Authority (FCA), alongside the Prudential Regulation Authority (PRA), has published new rules in relation to whistleblowing. These changes follow recommendations in 2013 by the Parliamentary Commission on Banking Standards (PCBS) that banks put in place mechanisms to allow their employees to raise concerns internally and that they appoint a senior person to take responsibility for the effectiveness of these whistleblowing arrangements

These rules complement the FCA’s and PRA’s final rules on improving individual accountability in the UK banking sector published on 7 July 2015.

Tracey McDermott, acting FCA chief executive, said: ‘Whistleblowers play an important role in exposing poor practice in firms and they have in the past few years contributed intelligence crucial to action taken against firms and individuals.

‘It is in the interests of the industry and regulators alike that wrongdoing is identified and addressed promptly. For individuals to have the confidence to come forward, it is vital that firms have in place adequate policies on dealing with whistleblowers and that a senior manager takes responsibility for overseeing these policies.’

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