Financial Conduct Authority
FCA launches campaign to encourage individuals to report wrongdoing
The campaign, 'In confidence, with confidence', encourages 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 FCA receives is reviewed and the FCA will protect individual whistleblowers’ identities.
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.'
Speaking to the FCA
The FCA has been investing in increased resourcing to support whistleblower interaction, including increasing the headcount on its whistleblowing team. This specialist team are trained to debrief and interact directly with whistleblowers, as well as liaising with various departments across the organisation.
As part of the FCA’s aim to provide a smoother internal process, 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.
FCA whistleblowing rules
The FCA would like to remind firms that culture and governance remain a key priority for the FCA. 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 FCA 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.
Notes to editors:
Latest News from
Financial Conduct Authority
FCA fines Sapien Capital Ltd for serious financial crime control failings in relation to cum/ex trading07/05/2021 10:25:00
The FCA has fined Sapien Capital Ltd £178,000 for failings which led to the risk of facilitating fraudulent trading and money laundering. The fine was reduced due to serious financial hardship.
FCA to require pension providers to offer to book Pension Wise appointments for consumers05/05/2021 10:25:00
The Financial Conduct Authority (FCA) yesterday proposed new rules to require pension providers to ‘nudge’ consumers to Pension Wise in order to benefit from guidance before they access their defined contribution pension savings.
FCA consults on strengthening investor protections in SPACs30/04/2021 14:10:00
The FCA has launched a consultation on proposed changes to its Listing Rules for certain special purpose acquisition companies (SPACs).
FCA sets out proposals to strengthen its financial promotion rules for high-risk investments29/04/2021 14:20:00
Following feedback to its Call for Input (CFI) on Consumer Investments, the FCA has published proposals to strengthen its financial promotion rules for high-risk investments to help retail investors make more effective decisions.
FCA commences criminal proceedings for fraud and unauthorised business23/04/2021 10:25:00
Following an investigation, the FCA has commenced criminal proceedings against Larry Barreto and Tassib Hussain.
Alsford Page & Gems Limited censured and agrees to pay extended warranty insurance customers £399,90221/04/2021 10:25:00
The FCA has publicly censured Alsford Page & Gems Limited (APG) and APG will pay compensation totalling £399,902 to customers who purchased extended warranty insurance policies during the period 1 February 2013 to 21 March 2016.
FCA makes key sustainability and technology hires19/04/2021 16:25:00
The FCA has appointed Sacha Sadan as Director of Environment Social and Governance.
FCA stops FXVC offering CFDs to UK customers19/04/2021 10:20:00
The FCA has acted to stop a Cypriot based firm, Finteractive Limited (trading as FXVC), from offering high risk contracts for difference (CFDs) to UK investors.
FCA bans and fines financial adviser £68,300 for lacking honesty and integrity15/04/2021 12:20:00
The FCA has banned Simon Varley from working in financial services and fined him £68,300 for knowingly performing a controlled function without approval and for providing investment advice to retail customers when he knew he was not qualified or approved to do so.