Financial Conduct Authority  

FCA hits back at whistleblower claims of 'farce' campaign

In recent years the FCA has invested in increased resourcing to support whistleblowers, including increasing the headcount on its whistleblowing team. 

The regulator said this specialist team is trained to debrief and interact directly with whistleblowers, as well as liaising with various departments across the organisation.  

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It has also introduced a mandatory e-learning module for all staff, to help identify potential whistleblowers and make sure any intelligence received by the FCA is “dealt with correctly and that identities are protected”. 

Whistleblower Paul Carlier said the FCA’s moves in this space were welcome but more needed to be done.

He said: “I welcome anything that improves the whistleblower environment and protection. And all of this sounds great from the FCA and [enforcement director Mark] Steward.

“I resent the implication that they’ve always had this sentiment and regard for whistleblowers. That has not been my experience or that of many others.”

Meanwhile, Andy Agathangelou, founder of the Transparency Task Force, who often deals with whistleblowers, said the FCA will need to build trust among whistleblowers in its new campaign.

He said: “It’s such a big problem that many ‘in-the-know’ suggest that until the FCA starts protecting whistleblowers properly, the last thing they should do is blow the whistle on a company doing something wrong. That’s an appalling state of affairs. 

"It’s obvious that the FCA is going to have to do a great deal of work to rebuild trust and confidence in it; not just for this regulatory failure issue, but also for the many others they seem to be struggling with."

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