On 6 October 2015, the PRA issued a policy statement on whistleblowing in deposit-takers, PRA-designated investment firms and insurers (SS39/15). http://bit.ly/1MjpHVN

Alongside this, the FCA has published its policy statement on whistleblowing in deposit-takers, PRA-designated investment firms and insurers (PS15/24). http://bit.ly/1jSz8Af

The PRA and FCA are introducing a “package” of new whistleblowing rules designed to build on and formalise the good practice already found in the financial services sector. The aim of the rules is to encourage a culture in which individuals feel able to raise concerns and challenge poor practice and behaviour.

The PRA explains, in PS24/15, that most of the proposals consulted on jointly with the FCA in February 2015 were broadly supported by respondents. (For information on the February 2015 consultation paper (FCA CP15/4 and PRA CP6/15),

As a result, the changes made to the rules since the draft rules consulted on are relatively minor and mainly seek to provide clarity on the policy intent.

The new rules will come into force on 7 September 2016, with one exception that will apply from 7 March 2016. They will apply to deposit-takers with over £250 million in assets, to PRA-designated investment firms, and to insurers subject to the Solvency II Directive (2009/138/EC), as well as to the Society of Lloyd’s and managing agents.

The rules will have the status of “non-binding guidance” for all other firms, who may wish to comply voluntarily.