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.