Our data shows the number of new whistleblowing reports we received between July and September 2022 and how the information was received.
We assess every whistleblowing case we receive that falls within our remit, to inform our work and help us identify actual or potential harm. This could be harm to consumers, to markets, to the UK economy or to wider society.
What we can share
We know that greater transparency about the whistleblowing reports we receive is important and we are constantly striving to improve the information we make public.
However, our casework with firms will usually involve confidential information for the purposes of section 348 of the Financial Services and Markets Act 2000 (FSMA). So, we are unlikely to be able to provide more information about particular cases.
Find out more about the information we can share[1].
Whistleblowing reports
Our Whistleblowing team receives reports by telephone, email, our online reporting form, and post. In 2022 Q3 (July – September), we received 291 new whistleblowing reports.
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Data table
Figure 1 shows that we received most of the new reports in 2022 Q3 via the online reporting form.
Whistleblowing contact details
Protecting the identities of the whistleblowers who contact us is vital. We understand individuals may be hesitant to share their personal information with us when making a disclosure.
It is helpful when whistleblowers provide us with an ongoing contact option such as a phone number and/or email address. This allows us to re-engage and develop on disclosures and ask further questions. We can also keep individuals informed on how we can protect their identity whilst we carry out our work.
Our Whistleblowing team reviews all reports to make sure we manage information from whistleblowers appropriately. We will redirect any information we get from consumers or firms to other relevant teams to consider, such as our Supervision Hub.
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Data table
Figure 2 shows that in most of the reports we received in 2022 Q3, whistleblowers provided us with their contact details.
Whistleblowing allegations
Every report we receive will contain one or more allegations of wrongdoing. We received 291 reports in this quarter, containing 734 allegations in total.
Typically, the reports we receive will contain allegations that fall under the following 5 overarching themes:
- fitness and propriety
- treating customers fairly
- FSMA
- culture
- compliance
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Data table
In Figure 3 we list the top 10 allegations made in whistleblowing reports in this period.
Since leaving the EU, the relevant regulatory responsibilities of the European Securities and Markets Authority (ESMA) have been assigned to the FCA. This means that the FCA can accept whistleblower disclosures about possible breaches of UK Securitisation Regulation, UK Securities Financing Transactions Regulation and the UK Credit Rating Agencies Regulation.
Independent legal advice should always be considered if an employee wishes to bring legal action against their employer.
Copyright
The data on this page is available under the terms of the Open Government Licence[2].