News
30 May 2014 11:43am

FCA sees 64% rise in whistleblowing

The Financial Conduct Authority (FCA) has seen whistleblowing reports rise by 64%, increasing from an average of 338 a month to 556 a month, according to law firm Pinsent Masons

The data, discovered through a FOI request, shows that as a result of the increase, the FCA opened 1,035 cases and created 860 intelligence reports in the last year. 

Michael Ruck, a senior financial services enforcement lawyer, said the findings would be welcomed as evidence that the FCA’s support for whistleblowers was increasing.

Ruck said, “These figures will be welcomed by the FCA as they demonstrate growing faith in the regulator to take action against wrongdoing.

“The number of whistleblowing contacts received by the city regulator has rocketed 414% since 2008/09 but the recent rise in whistleblowing reports is not necessarily a result of more wrongdoing in the City.

“Instead it is likely the result of the combination of increased focus on compliance and the tightening of controls following criticism from the financial regulator.”

Ruck also predicted a “surge” in the number of white-collar informers as new government plans could see whistleblowers receive a cut of what is paid back to the taxman.

The information comes just over a week since a landmark ruling granted partners in LLPs protection under whistleblowing rules.

On May 21 Lady Justice Hale ruled in the Supreme Court that partners were workers and therefore entitled to claim the protection of whistleblowing provisions.

Oliver Griffin

 

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