In a survey conducted by the United Kingdom Financial Conduct Authority (FCA) in early 2022 and published only in 2023, it was revealed that the regulator may not be providing adequate support for whistleblowers. This serves as a call for the FCA to reassess its current whistleblowing framework.
It appears that a significant proportion of the respondents were dissatisfied with the FCA’s handling of their report. Out of 21 respondents, 15 reported that they were either “extremely or somewhat dissatisfied”. This accounts for more than 70%, a considerable majority indicating a systemic problem with the current whistleblowing processes.
Perhaps even more concerning, nearly 40% of respondents stated that they would be “unlikely” to, or “definitely would not” make a whistleblowing report to the FCA again. This troubling feedback suggests an overall lack of trust in the regulatory body’s whistleblowing protocol, which potentially discourages future whistleblowing attempts.
These damning results reinforce the necessity for thorough and visible changes by the FCA to engender trust and protect individuals and corporations. The efficacy of a regulator is in many ways underpinned by its capacity to encourage, receive and act upon critical whistleblower information, making this a priority area for the FCA.
For more detailed results from the survey, you can visit the original post at: JD Supra by Akin Gump Strauss Hauer & Feld LLP.
The FCA has identified this issue and is pledging to improve its whistleblowing protocol. This necessary reformation could allow the regulator to amplify its transparency and ensure all concerns raised by whistleblowers are given the importance they deserve. The full details of the FCA’s plans for amelioration, however, remain to be seen.