FCA has published the outcome of an application by Tokio Marine Kiln Insurance Limited and Tokio Marine Kiln Syndicates Limited to put in place a Voluntary Requirement in respect of whistleblowing policies and procedures. The firms had reported to PRA and FCA potential shortcomings in their policies and procedures. The regulators now require fir firms to provide a written report on action it has taken in response to this, together with an attestation, by 31 March. Then, for the next 3 years, the regulators will require details of the numbers of reports received and investigated, with further details of any allegations made against senior managers, and descriptions of all training and other initiatives employed by the firms to raise awareness.
The VREQ follows the firms becoming aware of a number of serious whistleblowing allegations in 2019, which they reported to the regulators.