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FSA looks to strengthen whistleblowing process

The new financial regulator aims to step up the response to whistleblowing and market intelligence received from the industry about potential misconduct.

A frequently asked questions document about moving to the Financial Conduct Authority was published last week.

It says: “The FCA is going to place a lot of emphasis on the data and other intelligence we get in from the industry. We are going to use this as a key way to find out what is happening to consumers and in the market.”

IFA Centre managing director Gill Cardy met the FSA last month to discuss concerns among members about the lack of an effective whistleblowing process to highlight poor practice and risky products.

The FSA told Cardy it had strengthened its process so there is a central point within the regulator that collects market intelligence and decides whether a case should be built. Details of those making allegations is kept confidential.

Cardy says: “It is up to firms to say something if they see an issue, then it is up to the regulator to act. If nobody raises concerns, the FSA will not know about it and nothing gets done.”


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. What’s the point? When presented with evidence of clear criminality, notwithstanding ignoring the rules, the FSA does nothing with the information.

    WHY go through the grief for doing the right thing when the FSA does not even act on it?

    This is just window dressing nonsense. Sorry but Actions speak louder than words. FSA = LIP SERVICE

  2. In addition to the many cases of the FSA having failed to act on past reports from the IFA sector of wrongdoings of one sort or another, are there not various other examples of failure to act on the findings of its own Arrow visits, not least KeyData and, if memory serves, ArchCru as well? No explanations have ever been offered for those regulatory failures yet, when it all goes pear-shaped, somehow or other, the FSA twists everything round to be the responsibility of the IFA sector. Will the FCA abjure such practices in the future?

    Is the FCA now offering an unequivocal undertaking that it WILL act on and investigate all serious reports of wrongdoings? Will it do the same on information gathered in the course of all future Arrow visits? If and when it fails to do so, will it provide open and transparent explanations as to why?

    Wait and see.

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