Whistleblowers have increasingly been under the spotlight. This is due to the fact that a number of high-profile company and industry investigations have been trigged by whistleblowers that have come forward with evidence of illegal conduct.
The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have published a set of rules in an attempt to develop frameworks to better protect whistleblowers.
By March 2016 banks, building societies and some insurers must appoint senior managers in order to deal with internal whistleblowers. The full suite of rules must be implemented by September 2016.
Further rules from the programme include
Amending settlement agreements to show that workers have a legal right to report improper activities
Presenting an annual report on whistleblowing to the board
Informing the FCA if a firm loses an employment tribunal case with a whistleblower
Making all UK employees aware of the FCA and PRA services
Tracey McDermott, acting FCA chief executive officer said,
“Whistleblowers play an important role in exposing poor practice in firms and they have in the past few years contributed intelligence crucial to action taken against firms and individuals. It is in the interests of the industry and regulators alike that wrongdoing is identified and addressed promptly.”