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ARTICLE · 04 OCTOBER 2023

The FCA Pledges To Improve Its Whistleblowing Framework

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A survey conducted by the United Kingdom Financial Conduct Authority (FCA) in early 2022, but published only in 2023,1 has revealed the stark reality that the regulator is not doing enough for whistleblowers.

United StatesEmployment and HR
Helen Marshall
Helen Marshall
Michael Asaro
Michael Asaro
Joe Hewton
Joe Hewton
Phil Davies
Phil Davies
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Overview

  • A survey conducted by the United Kingdom Financial Conduct Authority (FCA) in early 2022, but published only in 2023,1 has revealed the stark reality that the regulator is not doing enough for whistleblowers.
  • 15 of 21 respondents reported that they were "extremely or somewhat dissatisfied" with the FCA's handling of their report, and almost 40% stated that they would be "unlikely" to, or "definitely would not", make a whistleblowing report to the FCA again.
  • The FCA has responded by renewing its focus on improvement, having set out a number of proposed steps to enhance the whistleblowing framework.
  • The FCA's identified shortcomings contrast with the recent successes of the United States Securities and Exchange Commission (SEC) in receiving tip-offs, acting on them, and protecting and rewarding whistleblowers. One key difference in the regimes is the SEC's ability to offer financial incentives to whistleblowers.

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