This week the Financial Conduct Authority released new rules for the UK banking and insurance sector to protect whistleblowers. They will come into effect in September 2016 and will apply to deposit-takers with over £250 million in assets, and also to regulated insurance companies.
The new rules will require such banks and insurance companies to:
- Appoint a senior manager as their whistleblowers’ champion (the final rules will be adjusted to allow this role to be undertaken by a NED)
- Put in place internal whistleblowing arrangements
- Include in any settlement agreement that nothing prevents a worker from making a protected disclosure.
The number of whistleblowing reports received by the FCA in 2014/15 was 1,340 – ten times higher than in 2007/8, when it received just 138.