In August 2021, data on whistleblowing report cases drawn from the FCA‘s Annual Report and Accounts 2020/21 was analysed.
A total of 2,754 allegations of misconduct, provided by a total of 1,046 whistleblowers in the last twelve months and which covered fraud, money laundering and compliance complaints had been logged with the FCA, with 184 individuals and firms currently under FCA investigation for carrying out unauthorised business.
The 1,046 whistleblowing reports represents a small reduction when compared to the 1,100 reports in 2019/20, and, this year, 15 led to significant action to mitigate harm, which may have included enforcement action. In a further 135 cases, the FCA took action to mitigate harm, which included writing to or visiting a firm, requesting further information, or asking a firm to attest to compliance with the rules. 145 cases were said to have helped inform the FCA’s work, and were relevant to the prevention of harm, but did not lead to any specific action; 97 cases were not considered relevant, and 654 cases were still being assessed at the time the report was published.
The FCA has a dedicated whistleblowing team and applies detailed procedures for submitting reports and following them up with a named case officer. A number of specific types of information must be provided by firms that submit reports.
If you’d like to know more about how we can help you with your whistleblowing arrangements, including the submission of reports to the FCA, or with any other regulatory compliance issues, our expert team is here to help.
Contact us today on 0207 436 0630 – or email info@thistleinitiatives.co.uk.