Laura WilesThe latest whistleblowing data from the FCA, covering the quarter ending September 2024 shows:
- 322 new reports received (up from 253 in Q2 and 280 in the corresponding period last year), with nearly half of reports being made via online reporting, and 22% and 18% by telephone and email respectively;
- 66% of reporters shared their identity when reporting (down from 72% in Q2);
- the 322 reports contained 910 allegations in total (up from 641 in the 252 reports in Q2), including:
- 197 allegations relating to compliance;
- 122 allegations relating to fitness and propriety;
- 119 allegations relation to consumer detriment; and
- 89 allegations relating to the culture of the organisation; and
- the FCA closed 530 reports in Q3:
- it took significant action to manage harm in 28 reports (5%) – this may include enforcement action, a s.166 skilled person report, or restricting a firm’s permission or an individual’s approval;
- it took other action to reduce harm in 251 reports (47%) – this may include writing to or visiting a firm, asking a firm for information, or asking a firm to attest to its compliance with FCA rules;
- 206 reports (39%) were considered informative for the FCA’s work, but did not result in any direction action;
- 25 reports (5%) were not considered indicative of harm, but the information was recorded and will be available for future reference.