View more on these topics

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.


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  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.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm