On 6 October 2015, the FCA and Prudential Regulation Authority (PRA) published new rules in relation to whistleblowing.
The rules, which take full effect in September 2016, will apply to deposit- takers with over £250 million in assets, to PRA-designated investment firms, and to insurers that are subject to the Solvency II directive. The rules will apply to other firms, but only as non-binding guidance.
Among the key new rules are requirements for firms to:
- put in place internal whistleblowing arrangements;
- notify UK-based employees about the FCA and PRA’s whistleblowing service; and
- appoint a senior manager as a “whistleblowers’ champion” by no later than 7 March 2016.