The following Financial Services guidance note Produced in partnership with DLA Piper UK LLP provides comprehensive and up to date legal information covering:
On 6 October 2015, the Financial Conduct Authority (FCA), alongside the Prudential Regulation Authority (PRA) published policy statements containing new rules (PS24/15 PRA: 'Whistleblowing in deposit-takers, PRA-designated investment firms and insurers' and PS 15/24 FCA: 'Whistleblowing in deposit-takers, PRA-designated investment firms and insurers') designed to encourage a culture in which individuals raise concerns and challenge poor practice and behaviour within firms (ie ‘blow the whistle’). The new regimes represented a significant expansion on the scope of the previous rules and guidance on whistleblowing.
Under the regime relevant firms are required to:
appoint a senior manager as their whistleblowers’ champion
adopt internal whistleblowing arrangements to handle all types of disclosure from all types of persons
inform UK-based employees about the FCA and PRA whistleblowing services, and require appointed representatives and tied agents to inform their UK-based employees about the FCA whistleblowing service
present a report on whistleblowing to the board at least annually
incorporate text in settlement agreements explaining that workers have a legal right to whistleblow, and
inform the FCA if it loses an employment tribunal with a whistleblower
The requirement to appoint a whistleblowers’ champion came into force on 7 March 2016 and the remaining requirements came into force from 7 September 2016.
In September 2016, the PRA and FCA consulted on extending certain aspects
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