The Financial Conduct Authority says it will do more to keep whistleblowers in the loop when they pass on information to the regulator.
Speaking at an FCA financial crime conference in London this week, FCA director of enforcement and financial crime Tracey McDermott said she understands the frustration among firms who report their suspicions and then do not know how that information is dealt with.
McDermott said: “We do absolutely understand the frustration of whistleblowers that we cannot provide a blow by blow account of what have done with their information.
“We want to see what we can do to make whistleblowers better understand what we have done with it.”
She said the FCA is also considering the parliamentary commission on banking standards’ report last month, which recommended the FCA should consider paying whistleblowers, create better systems for managing information and make a very senior person in a bank responsible for all whistleblowing activity.
A Money Marketing freedom of information request in May found the FCA does not keep track of what happens to tip-offs that are handed over to other internal departments.
Worldwide Financial Planning IFA Nick McBreen says: “It makes sense to clarify what happens to information for whistleblowers as long as it does not breach confidentiality.”