The Financial Conduct Authority (FCA) has just released whistleblowing data for Q2 2022, concluding a complete year of providing whistleblower data to the public.

The FCA has been working with whistleblower tips for a long time, but only started to publish the reports last year. Between July 2021 and June 2022, the regulator received a total of 1,087 reports from whistleblowers, with 2,057 allegations in total. Every report contained one or more allegations of wrongdoing, with cases that could be harmful to consumers, to markets, to the UK economy or to wider society.

Transparency

“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”, the FCA states on its website.

To get more people to come forward with information, the FCA introduced a campaign headlined ‘In confidence, with confidence’ last year, with the aim of encouraging individuals in financial services to report wrongdoing. The campaign highlighted the substantial confidentiality processes that are in place around reporting. 

“We listen to all whistleblowers and, if they shine a light on serious misconduct, we want to make sure we act responsibly. When whistleblowing works well it helps consumers, markets and firms and keeps everyone safe and that is our aim”, said Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA.

Reports largely fell under one of the following themes:

• fitness and propriety;
• treating customers fairly;
• FSMA (Financial Services and Markets Act 200);
• culture of organisation;
• compliance.

Reports concerning fitness and propriety made up approximately 18% of all allegations in total.

A new category for misselling was introduced for Q2 2022, with seven reports filed on the subject during the quarter.

Fewer whistleblower reports and allegations were received in Q2 2022 than in all the other quarters. The most reports in a quarter were received in Q3 2021 (289), and the 540 allegations received in Q1 2022 were the highest in any quarter.

Most reports came in April 2021, with 111 in total. The least came in April 2022, with only 72 reports filed.