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On February 23, 2014, the PRA and FCA jointly proposed measures seeking to formalize procedures for whistleblowing in the banking and insurance sectors.
On February 23, 2014, the PRA and FCA jointly proposed measures
seeking to formalize procedures for whistleblowing in the banking
and insurance sectors. The proposals aim to encourage employees to
blow the whistle when misconduct is suspected without fear of
personal repercussions. The proposed new rules include: (i)
ensuring that whistleblowing procedures are in place; (ii)
encouraging employers to inform employees that they are able to
blow the whistle; and (iii) ensuring that whistleblowers are
protected from victimization. The consultation closes on May 22,
2015.
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