The Financial Conduct Authority (FCA) has launched a campaign to encourage individuals in financial services to report potential wrongdoings.
As part of the campaign, the regulator has issued materials for firms to share with employees. It also has built a digital toolkit for industry bodies, consumer groups and whistleblowing groups to encourage individuals to have courage and step forward.
Anyone that comes forward will have confidentiality and will be designated a case manager. They can meet with the FCA to discuss concerns and will be offered regular updates throughout the investigation.
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.
‘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.”
The regulator has been increasing the resources available to the whistleblower efforts, including boosting the size of tis specialist team.
In a bid to make the process smoother, it has also introduced a mandatory e-learning module for all staff to help identify potential whistleblowers and ensure all intelligence is handled correctly and identities are protected.
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