The FCA received 44 per cent more whistleblowing reports last year than in 2013, data obtained by law firm Pinsent Masons reveals.
The data shows the FCA opened 1,367 cases in 2014, up from 948 in 2013 and from 565 in 2012.
A case is created for each whistleblower who provides information that falls within the FCA whistleblowing process.
Last year 73 per cent of the whistleblowing cases reported to the FCA led to intelligence reports being opened. There were 1,003 intelligence reports created in 2014, up from 868 in 2013.
Pinsent Masons senior associate Michael Ruck says: “There is no doubt that staff at authorised firms have become more aware of their compliance obligations. The FCA’s focus on personal accountability is changing people’s behaviour and creating a culture where people will ‘cover their backs’.
“In the past people often turned a blind eye to wrongdoing for fear of rocking the boat but this is increasingly no longer the case.”
He adds: “Now more than ever firms need to make sure that they have an appropriate regime in place to help identify issues and remedy them before they become a significant regulatory or legal failing.”