Whistleblowing & Financial Services

Whistleblowing, as set out in the Public Interest Disclosure Act 1998 ('PIDA'), is the act of reporting a wrongdoing within an organisation with the aim of preventing it, and any harm that may arise from it. This holds particular importance in the financial services industry due to the clear potential for serious wrongdoings such as insider trading, financial fraud, money laundering and corruption to undermine the integrity of the financial system. For this reason, the Financial Conduct Authority ('FCA') and the Prudential Regulation Authority ('PRA'), as financial services regulators in the UK, also provide additional rules and guidance which go beyond what is required by statute, with the aim of promoting a culture of openness and transparency in the firms they regulate.