Many FCA and PRA regulated firms were due to ensure that they
complied with new whistleblowing rules by 7 September 2016.
Firms affected are:
- Deposit-takers with over £250
million in assets (including banks and building societies);
- PRA-designated investment firms;
- Insurers subject to the Solvency II
Directive (2009/138/EC); and
- Society of Lloyd's and managing
agents.
Other FCA regulated firms should take note, because from 2018,
these whistleblowing rules will be applied to all FSMA firms.
The firms affected now, will have already allocated
responsibility for whistleblowing compliance to a
whistleblowers' champion (usually a non-executive director).
The whistleblowers' champion oversees the implementation of
systems and processes aimed at compliance with the new rules,
ensuring that everything is now in place. The whistleblowers'
champion will oversee the preparation of an annual report to the
board (available to the FCA/PRA on request) about the
