The Financial Conduct Authority (FCA) has published new data
on whistleblowing reports received and closed between January and March 2025. During
this period, the FCA received 281 new whistleblowing reports. This marks a
slight decrease from 292 in the previous quarter and 298 during the same period
in 2024.
The 281 reports contained a total of 752 separate
allegations. The most frequently reported allegation was related to compliance,
which appeared in 184 cases.
FCA Handles 281 Reports, Protects Identities
Reports were submitted through several channels. The
majority, 150, were received via the online reporting form. Other methods
included email, with 42 reports, telephone with 41 reports, post with 10
reports, and 27 reports received through other means.
Of the 281 reports received, 181 included contact details
for the whistleblower. The remaining 100 reports were submitted anonymously.
The FCA emphasised that protecting the identity of whistleblowers is essential
and that having contact details can help in follow-up and confidentiality
management.
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752 Allegations Filed, FCA Takes Action
The 281 reports contained a total of 752 separate
allegations. The most frequently reported allegation was related to compliance,
which appeared in 184 cases.
In the same quarter, the FCA closed 468 whistleblowing
reports. Of these, 12 resulted in significant action to manage harm. This may
have involved enforcement activity, commissioning a section 166 skilled person
review, or restricting a firm’s permissions or an individual’s approval.
In 192
cases, action was taken to reduce harm. These actions included writing to
firms, conducting visits, requesting information, or asking for attestations of
compliance with FCA rules.
In 213 cases, the reports helped inform the FCA’s work but
did not lead to direct action. Another 37 reports were not considered to
indicate harm but were recorded for possible future use. Fourteen reports were
classified under other categories.
This article was written by Tareq Sikder at www.financemagnates.com.
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