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FCA whistleblowing reports up by nearly a quarter

The number of calls to the FCA’s whistleblowing service has gone up by 23 per cent in the year to the end of August.

A freedom of information request submitted by law firm RPC found that the regulator received 4,718 calls from September 2012 to August 2013, up from 3,834 the previous year.

RPC partner Steven Francis says: “This significant jump in the space of just one year suggests a shift in attitudes within the financial services sector.”

“Whereas in the past people working in the industry might have turned a blind eye to colleagues’ misbehaviour, especially during the ‘good times’ of the pre credit-crunch bubble, they are now no longer happy to sit back and allow potential poor practice and misconduct to go unnoticed.”

In July, FCA director of enforcement and financial crime Tracey McDermott said she “understood the frustration of whistleblowers” who do not how the information they give is dealt with by the regulator. She pledged better updates so that whistleblowers can understand how the information is acted on.

Money Marketing freedom of information request in May found that the FCA does not track whether further regulatory action is taken when whistleblowing reports are handed over to other internal departments.

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  1. There was definitely a perception that a whistle blown was breath wasted, whereas now I think it more likely to be acted upon. I strongly suspect that is the reason for the increase in calls. People are not more or less honest than they were, I just think they feel that the regulator is now more responsive to calls for fairness and justice.

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