The FCA is considering disclosing more information on ongoing investigations, citing customer interest in its work.
In a paper entitled FCA Mission: Approach to Enforcement published on Wednesday, the City watchdog reviewed how and when it takes enforcement action against firms.
In the report, the regulator said it would consider whether they could provide more information on its website.
The FCA currently discloses when it is looking at a firm only in “limited circumstances”.
This is because “opening an investigation does not mean that someone has committed misconduct”.
In the report, the regulator discusses how it spots early misconduct. This includes looking at market data, information from firms (including self-reporting of breaches by firms), information from consumers, and information from public databases.
The FCA says: “We also value information from whistleblowers who may give us the earliest indications of wrong-doing.”
As part of the report, the FCA has also published industry feedback on its approach to enforcement gathered last year.
As part of the consultation, one respondent suggested that financial awards should be given to whistleblowers and anyone who reports to the FCA, to address any loss they encounter.
The FCA said it has considered the possibility of paying whistleblowers, and refered to its review from July 2014, where it concluded it does not consider the payment of whistleblowers to be appropriate, also citing a lack of empirical evidence that would show this measure would lead to an increase in the number or quality of disclosures.