The FCA has published a note on how it handles disclosures from whistle-blowers. The note explains how the FCA engages with whistleblowers, what it does with information received from whistleblowers, and the impact of whistleblowers on the FCA’s work.

The note explains that:

1. in 2014, 1,367 people blew the whistle to the FCA, from which it produced over 1,100 intelligence reports;
2. whistleblowers commonly disclose information relating to the financial advice and intermediary sector, and frequently express concerns about the culture of a firm;
3. in 2014, the FCA shared intelligence with a wide range of UK and overseas law enforcement and regulatory bodies; and
4. the FCA recorded 79 cases in 2014 where whistleblowers claimed they had suffered detriment as a result of making an internal disclosure to their firm.

A copy of the note is available.