The FCA and the PRA have published a joint consultation paper (FCA CP15/4 and PRA CP6/15) on whistleblowing in deposit-takers, PRA-designated investment firms and insurers.

The joint consultation paper sets out proposed changes to the Senior Management Arrangements, Systems and Controls sourcebook (SYSC), which would require that firms:

1. put in place internal whistle-blowing arrangements;
2. inform UK-based employees about their whistleblowing arrangements;
3. offer protection to whistleblowers;
4. include provisions in new employment contracts to confirm that nothing in these agreements prevents an employee from making protected disclosures; and
5. allocate the prescribed responsibility for whistleblowing under the senior managers regime and senior insurance managers regime to a so-called “whistleblowers’ champion”.

Next steps. The deadline for comments is 22 May 2015.

Copies of the joint consultation paper, 

the PRA’s consultation webpage, the  

FCA’s consultation webpage and 

response form