Report finds whistleblowers have little confidence in FCA

High levels of dissatisfaction with the financial regulator's confidential hotline call the effectiveness of this vital process into question - especially with regard to the feedback being supplied to whistleblowers. Is it time to consider a US-style award system? asks Denis O'Connor.

Denis O'Connoris a fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment. He was a member of the British Bankers' Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group's board and editorial panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the United Kingdom and abroad.

A recent survey conducted by the Financial Conduct Authority of firms' staff who have reported their concerns to the regulator has revealed that the reporters have little confidence in either the supervisor or its processes. [1]