A joint consultation on whistle-blowing within insurers has been published by the FCA and the PRA. The consultation also relates to deposit-takers and PRA-designated investment firms.
Proposed whistle-blowing measures would be implemented through amendments to the Senior Management Arrangements, Systems and Controls sourcebook. The PRA also intends to introduce a new part of the Rulebook to deal with whistle-blowing within insurers.
The consultation document sets out proposals which, if implemented, would require insurers to take steps including:
- Putting in place whistle-blowing arrangements.
- Informing their UK employees of arrangements.
- Offering protections to whistleblowers.
- Including protective provisions in new employment contracts and settlement agreements.
- Allocating management responsibility for whistle-blowing to an individual to be known as the “whistleblowers’ champion”.
The consultation document can be found here:http://www.bankofengland.co.uk/pra/Documents/publications/cp/2015/cp615.pdf. The deadline for responses is 22 May 2015.