On 14 November the FCA published a review of firms’ whistleblowing arrangements in retail and wholesale banking. The review was conducted to identify how well the firms implemented the whistleblowing rules published by the FCA back in September 2016.
The supervisory review analysed firms’ policies and procedures, training arrangements, whistleblowing annual reports and the role of the whistleblowers’ champions. Based on this information the FCA outlined good practice and areas for improvement. The key finding of the FCA are as follows:
The FCA concluded that, overall, regulated firms are going in the right direction even though there are areas that need to be improved. The FCA acknowledges the importance of ensuring that employees should feel safe to blow a whistle as it serves as a deterrent to those who wish to commit prohibited activities.