The number of whistleblowing cases dropped by almost 20 per cent last year, according to data from the FCA obtained by law firm Pinsent Masons.
The law firm says FCA data shows 1,104 whistleblowing cases were recorded last year, down from 1,367 in 2014 but up on the 948 cases reported in 2013.
Michael Ruck, a financial services lawyer at Pinsent Masons, brands the figures “disappointing”.
He says: “It is disappointing in the sense that the FCA has worked hard to review and improve its whistleblowing procedures and increasing the resources dedicated to the area.
“There has long been debate around the introduction of financial incentives for whistleblowers, and the numbers may reignite and give renewed impetus to that discussion.
Last year the FCA and the PRA introduced new rules on whistleblowing, designed to encourage more employees to come forward. Among the changes are the requirement for each firm to appoint a senior manager as a whistleblowers’ champion and put in place internal systems to handle whistleblowing.
Ruck says: “It will be interesting to see whether the regulator’s increased focus on personal accountability under the [Senior Managers Regime] will lead to a rise in whistleblowing.”