Advisers were the subject of more whistleblowing cases than any other sector, the FCA has revealed.
The regulator’s annual report, published today, shows the FCA processed 1,340 intelligence cases containing information from whistleblowers in 2014/15, up 28 per cent from 2013/14.
This information was shared with external stakeholders – including the National Crime Agency, police forces, HMRC, and the Solicitors Regulatory Authority – in over 160 cases.
Advisers topped the whistleblowing list with 271 cases, significantly higher than 2nd placed consumer credit with 208 cases.
Some 126 cases related to unauthorised business, 35 were about asset management, 10 related to Sipps and 7 were aimed at mortgage intermediaries.
Of the whistleblowing cases recorded last year, 10 directly contributed to FCA enforcement activity or the protection of consumers through other intervention; 172 were of “significant value” to the regulator; and 468 may be of value but are not currently actionable.