Freedom To Speak Out

New rules for whistleblowing spell cultural change for all regulated firms

On 7 September 2016, the Financial Conduct Authority and the Prudential Regulation Authority announced new whistleblowing rules for banks, building societies, credit unions and some investment and insurance firms, in response to public demand for greater banking accountability.

The rules are part of a range of new accountability measures, including the Senior Managers and Certification Regime (SMCR), and changes to remuneration structures, conduct rules and market abuse protection.

The FCA wants to roll out the accountability measures across all regulated firms. On 7 March (the first anniversary of the SMCR) the regulator confirmed this roll-out will be implemented from next year, following a consultation during the second quarter of this year. The lessons to be learned from the banks and the question of proportionality as it applies across the sector are being reviewed.