Watchdog encourages City workers to snitch on financial services wrongdoing
The City watchdog has today launched a campaign to get people working in financial services to get in touch about potential wrongdoing they see in their day-to-day lives.
The Financial Conduct Authority (FCA) said those who whistleblow will have a dedicated case manager, can meet with the FCA to discuss their concerns, and will receive regular updates throughout a subsequent investigation.
Every report received by the regulator will be investigated, it said, and the identities of whistleblowers will be protected.
FCA executive director of enforcement and market oversight Mark Steward said: “We want all whistleblowers to feel welcomed by us and to feel safe because of us.”
The FCA has been investing in increased resourcing to support whistleblower interaction, including increasing the headcount on its whistleblowing team.
This specialist team are trained to debrief and interact directly with whistleblowers, as well as liaising with various departments across the organisation.
As part of the new campaign the watchdog has published materials for firms to share with employees, and a digital toolkit for industry bodies, consumer groups and whistleblowing groups to encourage individuals to have the confidence to step forward.
The move follows criticism that regulator failed to act when it was given important information about disgraced investor Neil Woodford and his business some two years before Woodford’s fund was suspended.
Steward added: “We listen to all whistleblowers and, if they shine a light on serious misconduct, we want to make sure we act responsibly. When whistleblowing works well it helps consumers, markets and firms and keeps everyone safe and that is our aim.”