Many FCA and PRA regulated firms were due to ensure that they
complied with new whistleblowing rules by 7 September 2016.
Firms affected are:
Deposit-takers with over Ł250
million in assets (including banks and building societies);
PRA-designated investment firms;
Insurers subject to the Solvency II
Directive (2009/138/EC); and
Society of Lloyd's and managing
Other FCA regulated firms should take note, because from 2018,
these whistleblowing rules will be applied to all FSMA firms.
The firms affected now, will have already allocated
responsibility for whistleblowing compliance to a
whistleblowers' champion (usually a non-executive director).
The whistleblowers' champion oversees the implementation of
systems and processes aimed at compliance with the new rules,
ensuring that everything is now in place. The whistleblowers'
champion will oversee the preparation of an annual report to the
board (available to the FCA/PRA on request) about the functioning
of internal whistleblowing policies and procedures.
To comply with the new whistleblowing rules, affected firms must
set up an independent whistleblowing channel, rather like a
corporate whistleblowing hotline, via which whistleblowers (workers
and others) can make anonymous and confidential disclosures. All
types of disclosures can be reported via the whistleblowing
channel, so not all of the disclosures will result in legal
protection for the whistleblower; and not all of the issues raised
through the channel will need to be treated as instances of
Staff should also be notified of the PRA and FCA's own
whistleblowing services, which are separate to the firm's own
It is important that these additional whistleblowing obligations
are followed as the regulators (PRA / FCA) will make an express
link between how a firm handles whistleblowers and the fitness and
propriety of the firm and any relevant employees.
What can we do?
route map can help you to plan the steps you should take to
comply with the new rules but Clyde & Co's employment team
Review and amend your whistleblowing
Train both the whistleblowers'
champion and your other staff members to ensure that they
understand their responsibilities and obligations.
Everyone has sympathy for employees who are genuinely unwell. When advising employers about employees suffering from stress, various medical conditions and resultant absence, it is these words that come up again and again.
In our article published in HR Zone, we consider the introduction of the new rules on regulatory references which come into force on 7 March 2017 and the practical steps that employers must take to comply...
Most of us know the difference between being employed and being self-employed (or at least we think we do). And in everyday laymen's terms, the difference is relatively straightforward and obvious – if you are employed, you work for someone else and, if you are self-employed, you ‘work for yourself'.
This coming year looks to be another busy one with more significant employment law changes coming into force and we have highlighted some of the key changes, which range from the introduction of gender pay...
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).