I understand that, from early next year, the regulatory
framework in relation to employees of regulated firms is set to
change significantly, and that these changes include new
whistleblowing rules. I have a number of questions about these
regulatory changes and what impact they will have.
Because there is already protection in place for
whistleblowers, why are the financial regulators getting involved
now?
With the regular uncovering of serious wrongdoing by banks
following the financial crisis, the Parliamentary Commission on
Banking Standards wants to see an enhanced whistleblowing framework
enforced by the FCA and PRA to raise standards of conduct. It 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 potential regulatory sanctions.
