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The
Financial Conduct Authority (FCA) said that whistleblowers
passing on information will have a dedicated case manager, with
every report review and identities protected.
"We want all whistleblowers to feel welcomed by us and to feel
safe because of us," Mark Steward, Executive Director of
Enforcement and Market Oversight at the FCA, said.
"We listen to all whistleblowers and, if they shine a light on
serious misconduct, we want to make sure we act responsibly."
The watchdog said it has increased resources and staffing to
support whistleblowers. Individuals can choose to remain
anonymous, and if they do share any information about
themselves, the FCA said it will keep this safe.
"This includes not confirming the existence of a whistleblower
when making enquiries, unless legally obliged to do so," it
added.
The FCA's rules require firms it regulates to have arrangements
in place for staff to raise concerns in a confidential way that
avoids any victimisation. Firms must also appoint a
whistleblowers’ "champion".
Mark Turner, managing director at Duff & Phelps' regulatory
practice, said current whistleblowing protections don't seem to
be working, with many ignored, unsupported or even left
financially exposed.
"As a result, many whistleblowers are now turning to social
media or platforms like ‘Truth Teller’ to voice concerns. This
is not a good outcome for firms, as they have no control over
what is said and how it is investigated," Turner said.
It was promising that the FCA recognises that more needs to be
done to create a safe space for employees to speak up, he said.
"Let’s hope that this time they can drive real change."
(Reporting by Huw Jones;Editing by Elaine Hardcastle)
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