The FCA and the PRA have published policy statements (PRA PS24/15 and FCA PS15/24) containing new rules in relation to whistleblowing. This follows consultation earlier this year (see daily news 24 February 2015).

The new rules apply to UK deposit-takers with assets in excess of £250 million, PRA-designated investment firms, and insurance and reinsurance firms within the scope of Solvency II.

Most importantly, the new rules require a firm to:

• put in place internal whistleblowing arrangements to allow for all types of disclosure from all types of persons;
• present a report on whistleblowing to the board at least annually;
• appoint a senior manager as a “whistleblowers’ champion”;
• include an explanation that workers have a legal right to whistle blow in settlement agreements; and
• tell UK-based employees about the FCA and PRA whistleblowing services.

In addition, the PRA has published a supervisory statement (SS39/15) on whistleblowing in deposit-takers, PRA-designated investment firms and insurers.

Copies of the PRA PS24/15 http://bit.ly/1L3fWZt and related webpage; http://bit.ly/1G1RAAf

SS39/15 http://bit.ly/1LrCsbB and related webpage; http://bit.ly/1MjpHVN

and

FCA PS15/24 http://bit.ly/1Rscb1V and related webpage are available. http://bit.ly/1hnKgmO