The Financial Conduct Authority (FCA) has outlined steps to improve the confidence of whistleblowers, including sharing more information on how it has acted on their reports, better use of provided information, and enhancing its webform to fully capture every disclosure.
The FCA will also collaborate with the Department for Business and Trade to support a review of whistleblower legislation.
These actions follow a qualitative survey of whistleblowers who provided information to the FCA, aiming to understand their experiences and identify areas for improvement.
Therese Chambers, executive director of enforcement and market oversight, said: “We need the intelligence whistleblowers provide to identify and act on problems in the firms we regulate.
“We want to make sure we’re capturing and using the information provided by whistleblowers as effectively as possible, and to give them as much information as the law allows on how we have acted on their concerns.”
