The U.K.’s Financial Conduct Authority (FCA) recently issued a policy statement with new rules regarding whistleblowing in the financial services industry. See FCA, PS15/24: Whistleblowing in deposit-takers, PRA-designated investment firms, and insurers (Oct. 6, 2015). The rules were adopted in response to the 2013 recommendation of the Parliamentary Commission on Banking Standards, that banks adopt mechanisms to allow their employees to raise concerns internally and appoint an individual to take responsibility for those arrangements. The rules require certain U.K. firms to establish an internal whistleblowing arrangement, tell UK-based employees about FCA whistleblowing services, inform the FCA if it loses an employment tribunal case with a whistleblower, and present a report on whistleblowing to its board at least annually.
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U.K. Financial Conduct Authority Introduces New Rules On Whistleblowing
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