Associate Tasha Benkhadra has written an article for FT Adviser on the FCA’s ‘In confidence, with confidence’ campaign, designed to encourage whistleblowers to call out financial institutions for wrongdoing.
The article explores:
– the level of success that the FCA has achieved so far in encouraging and protecting whistleblowers;
– the stumbling blocks that appear to be inhibiting substantive progress; and
– how whistleblowers may best navigate the risks of the current landscape.
She writes: “Of the 3,845 whistleblowers who sought advice, one in four who contacted the advice line between September 2020 and March 2021 to report Covid-19 issues such as furlough fraud and risk to public safety were dismissed.
Secondly, where the whistleblower has themselves been party to the conduct that they are complaining of, the risk of finding themselves facing regulatory or criminal sanction can be significant. The FCA’s campaign is silent on whether a whistleblower might receive immunity.”
Read the full article here
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