REG . READY . 2016: Whistleblowing Policies And Process

The PRA and FCA are introducing a "package" of new whistleblowing rules designed to build on and formalise the good practice already found in the financial services sector. The new rules will require certain regulated firms to formalise whistleblowing procedures and encourage the disclosure of suspected misconduct so that those blowing the whistle can do so confident that their concerns will be considered and that there will be no personal repercussions backed up by the threat of potential regulatory sanctions against the firm.

Key dates

7 March 2016 – appoint a whistleblowers' champion

8 March to 7 September 2016 – whistleblowers' champion to oversee the design and development of the firm's whistleblowing procedures