FCA Whistleblower Cases Down 20% in 2015
New figures document a considerable drop in the number of whistleblower complaints from 2014 to 2015 in the United Kingdom (UK). International law firm Pinsent Masons reported that Financial Conduct Authority (FCA) whistleblower cases fell from 1,367 in 2014 to 1,104 in 2015, representing a reduction of nearly 20 percent. A firm representative pointed to corporate cultures that suppress whistleblowers, saying “These figures demonstrate the clear need for a culture shift across financial institutions…we are yet to see much of a shift to an environment in which individuals feel confident to report bad behavior.”
The report comes just as new whistleblowing rules under the Senior Managers Regime (SMR) go into effect. The new rules are designed to incent potential whistleblowers to report wrongdoing and do so with confidence. One of the key components of the rules is the creation of a ‘whistleblower champion’ to encourage responsible reporting, support best practices, model the tone of the organization and drive management’s engagement with a culture of compliance.
Pinset Masons Report: