On 23 February 2015, the FCA and PRA published a consultation paper proposing a package of measures with the aim of formalising firms’ whistleblowing procedures. The proposed set of rules will apply to UK banks, building societies, PRA- designated investment firms and insurers, amongst others. Of the many proposals put forward, notable is the firm appointing a “whistleblowers’ champion”; an individual who would be assigned the responsibility of ensuring and overseeing the integrity, independence and effectiveness of the firm’s policies and procedures on whistleblowing. The whistleblowers’ champion would also be tasked with preparing an annual report to the firm’s senior governance committee, made available to regulators on request, but not made public. The deadline to provide comments to the proposals set out within the consultation paper is 22 May 2015.