Are you up to speed with the FCA rules on Whistleblowing?
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) recently updated its rules relating to whistleblowers. If you haven't seen the latest regulations and guidance, then now is your chance to get up to speed.
What you need to do
According to the FCA, businesses must ensure the safety and effectiveness of whistleblowers disclosures by ensuring the following measures are put in place:
- A member of the senior management team should be given the post of 'whistleblowers' champion'
- All settlement agreements should explain, in writing, that workers have a legal right to blow the whistle on practices and behaviours that are unacceptable
- Make clear internal proceedings that are suitable to cover any type of disclosure from all types of sources
- UK-based employees should be made aware of the FCA and PRA's whistleblowing services
- The board should be presented with an annual report on whistleblowing cases, as well as kept informed if an employment tribunal with a whistleblower is lost
These new rules represent a fairly major shake up, but are consistent with a changing world view that is coming to see the importance of whistleblowing.
Whistleblowers are essential to keeping businesses safe. Ultimately, making disclosures in the public interest protects the reputation and standing of organisations ensuring the safety of clients, customers, and the public.
Safecall implements whistleblowing hotlines that can be accessed 24/7. Our call handlers are experienced investigators who will endeavour to get a full account of the issue raised from your whistle blower enabling you to take action and protect your reputation.
What the FCA says
Speaking about the regulations:
"Whistleblowers play an important role in exposing poor practice in firms and they have in the past few years contributed intelligence crucial to action taken against firms and individuals. It is in the interests of the industry and regulators alike that wrongdoing is identified and addressed promptly.
"For individuals to have the confidence to come forward, it is vital that firms have in place adequate policies on dealing with whistleblowers and that a senior manager takes responsibility for overseeing these policies."
Safecall's training packages work to inform every member of a business, from the newest recruitment to the senior management team, of the importance of whistleblowing and the processes in place for making a disclosure. We make sure that everyone understands the whistleblowing procedures, and that everyone can use them if necessary.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.