FCA bolsters whistleblower processes
The Financial Conduct Authority (FCA) has strengthened its approach towards whistleblowers, after a survey uncovered some blind spots.
The City regulator has pledged to share more information with whistleblowers on how it has acted on their information. It will also improve the use of the information provided by whistleblowers, and improve the ways in which it captures information from whistleblowers.
The new approach follows a qualitative survey of former whistleblowers who criticised the lack of follow up from the FCA on previous complaints.
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The regulator acknowledged the importance of working with whistleblowers, and promised to make it easier for future whistleblowers to raise issues in the future, and track their complaints.
“We need the intelligence whistleblowers provide to identify and act on problems in the firms we regulate,” said Therese Chambers, executive director of enforcement and market oversight.
“We want to make sure we’re capturing and using the information provided by whistleblowers as effectively as possible, and to give them as much information as the law allows on how we have acted on their concerns.”
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Going forward, the FCA will provide whistleblowers with more detail on what has been done with their information provided, or reasons for taking or not taking action. It will also improve the use of whistleblowers’ information across the FCA, which includes enhancing its webform – the most popular way for whistleblowers to contact the FCA.
The regulator also said that will engage with the Department for Business and Trade to support a review of whistleblower legislation to enhance the wider whistleblowing system in the UK.
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