FCA sets out steps to improve whistleblower confidence

May 4, 2023

Following a qualitative survey of whistleblowers, and alongside the publication of the latest whistleblowing quarterly data, the FCA has set out actions to improve the confidence of whistleblowers – including sharing further information with whistleblowers on how it’s acted on their information; improving the use of information provided by whistleblowers; and improving how it captures information from whistleblowers.

Whistleblowing provides the FCA with unique insights from inside the firms and markets it regulates. This has allowed it to identify and correct problems including consumers being mis-sold loans, unauthorised firms taking on customers, and failings in firms’ own internal whistleblowing procedures.

As a result of the survey, the FCA will look to implement the following actions:

  • Provide whistleblowers with more detail on what has been done with the information provided, or reasons for taking or not taking action.
  • Improve the use of whistleblowers’ information across the FCA (e.g., making the best use of data and ensuring that end-to-end whistleblowing processes are as efficient as possible).
  • Enhance its webform – which is the most popular way for whistleblowers to contact the FCA – to fully capture every whistleblower’s disclosure.
  • Engage with the Department for Business and Trade to support a review of whistleblower legislation to enhance the wider whistleblowing system.

The FCA’s ability to share information about how it has acted on the information provided by whistleblowers is often restricted by legal confidentiality obligations. The FCA’s revised approach will provide as much information as possible within these legislative constraints.

For more information, click here.

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