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FCA launches whistleblowing campaign

  • United Kingdom
  • Financial services disputes and investigations
  • Litigation and dispute management
  • Financial services

25-03-2021

The FCA has launched a campaign to encourage individuals working in financial services to report potential wrongdoing to the regulator.  As part of the campaign, the FCA has published materials for firms to share with employees and produced a digital toolkit to encourage individuals to have confidence to step forward.  The FCA is also investing in increased resourcing to support whistleblowers.

Given that the aim of the campaign is to encourage people to report their concerns to the FCA, this increases the risk that whistleblowers will go to the regulator, either bypassing firms’ internal whistleblowing procedures completely or if they consider firms’ handling of their concerns to be inadequate.  Commenting on the campaign, Mark Steward, FCA Director of Enforcement and Market Oversight, said: “We listen to all whistleblowers and, if they shine a light on serious misconduct, we want to make sure we act responsibly.”  This highlights the need for firms to ensure they are embedding a speak up culture in which colleagues feel it is psychologically safe to raise concerns and have confidence in the process for addressing the issues they raise.  This will help to mitigate the risk of regulatory intervention.

Julia Neal, Partner
Sumitra Subramanian , Principal Associate

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