UK Financial Conduct Authority Receives 300 Whistleblower Reports in Q2 2023

The UK Financial Conduct Authority (FCA) has published data on whistleblowing reports during the second quarter of 2023 (April-June).

According to the announcement, the FCA received a total of 300 whistleblower reports between April and June this year, up from 280 in the first quarter of the year. Whistleblowers mainly made their reports by phone, email, post, and online reporting forms, with most people reporting via online forms, totaling 140.

The regulator said that while it is important to ensure the transparency of whistleblowing reports, the FCA's work with firms often involves confidential information, so it is not able to share details of particular cases. However, staff will assess each whistleblower report that falls within their remit and identify actual or potential risks. This helps protect customers, markets, the UK economy, and even the wider society.

During this period, 209 whistleblowers provided the FCA with their personal information, while 91 people chose to report anonymously.

The regulator believes that it is crucial to protect the identity of whistleblowers and understands that they may be hesitant to disclose their personal information to the regulator. If the whistleblower is willing to provide further contact details, the FCA will be able to approach them for further information and to brief them on how the regulator protects personal information.

The allegations in the whistleblowing report totaled 821 allegations, most of which relate fitness and propriety, treating customers fairly, FSMA, culture, compliance.