Whistleblowing On Fitness And Probity

Introduction

What action can a regulated financial service provider ("RFSP") take against an employee who has disclosed to the Central Bank ("CBI") suspicions that a colleague who performs a controlled function ("relevant person") is in breach of the fitness and probity standards (the "Standards") under the Central Bank Reform Act, 2010? In other words, can a RFSP sanction a whistleblower employee?

Before legislation was introduced recently to protect whistleblowers, employers could treat whistleblowers as having breached their employment contract either in terms of the obligation of confidentiality or the implied duty of loyalty insofar as the employer's business was damaged or disrupted.