FCA and PRA whistleblowing requirements—one minute guide
Produced in partnership with DLA Piper
FCA and PRA whistleblowing requirements—one minute guide

The following Financial Services practice note produced in partnership with DLA Piper provides comprehensive and up to date legal information covering:

  • FCA and PRA whistleblowing requirements—one minute guide
  • FCA and PRA rules on whistleblowing
  • Background to the whistleblowing regime
  • Who does the whistleblowing regime apply to?
  • What are the whistleblowing requirements?
  • Requirement to appoint a whistleblowers' champion
  • Requirement to adopt suitable whistleblowing arrangements
  • Requirement to notify individuals about the FCA and PRA whistleblowing services
  • Requirement to prepare an annual whistleblowing report
  • Requirements concerning settlements with employees at employment tribunals relating to whistleblowing
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

FCA and PRA rules on whistleblowing

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:

  1. appoint a senior manager as their whistleblowers’ champion

  2. adopt internal whistleblowing arrangements to handle all types of disclosure from all types of persons

  3. 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

  4. present a report on whistleblowing to the

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