FCA introduces new rules on whistleblowing. The UK Financial Conduct Authority (FCA), along with the Prudential Regulation Authority (PRA), has published new rules in relation to whistleblowing. These changes follow recommendations in 2013 by the Parliamentary Commission on Banking Standards (PCBS) that banks put in place mechanisms to allow their employees to raise concerns internally (“blow the whistle”) and that they appoint a senior person to take responsibility for the effectiveness of these arrangements. (10/6/2015) PS15/24.
The PRA issued the following related publications:
- Policy statement: Whistleblowing in deposit-takers, PRA-designated investment firms and insurers. PS24/15
- Supervisory statement: Whistleblowing in deposit-takers, PRA-designated investment firms and insurers. SS39/15
- Consultation paper: Strengthening accountability in banking and insurance: regulatory references. CP36/15
PRA publishes its September 2015 Regulatory Digest. The PRA published its September 2015 Regulatory Digest, which highlights key regulatory news and publications delivered for the month. (10/1/2015) PRA Regulatory Digest.
PRA issues publications on reporting rule amendments, reports by skilled persons, and the PRA Rulebook. The PRA has issued the following publications:
- Reporting rule amendments following CP29/15 and PS11/15 - PS23/15, which publishes two legal instruments following consultation in Chapter 1 of the Policy Statement 11/15 ‘CRD IV: Liquidity’. This policy statement is relevant to all firms supervised by the PRA.
- Reports by skilled persons - SS7/14 UPDATE, which provides greater clarity on the use of skilled persons in its supervisory approach.
- PRA Rulebook: Administration Instrument (No. 2) 2015, which makes corrections to the PRA Rulebook.