Context
The FCA has provided its whistleblowing data for Q1 2026, which shows an increase in reports compared to Q4 2025 (from 281 reports to 355 reports).
Key points to note
- The top allegations reported by whistleblowers in Q1 2026 related to Consumer Duty, Conduct and integrity of Leadership and Senior Managers, Systems and Controls, individual conduct (honesty, integrity and reputation), firms’ values and integrity, fraud, non-financial misconduct, unauthorised business and money laundering controls.
- The FCA closed 265 whistleblowing reports between January and March 2026. These included action taken to manage harm in 23 reports, such as enforcement action, requiring a Section 166 Skilled Person Report, restricting a firm’s permissions or withdrawing an individual’s approval.
- Other action taken to reduce harm was reflected in 80 reports, where the FCA may write to or visit a firm, ask for information or ask a firm to attest they are complying with the FCA’s rules.
- The FCA stated that other reports assisted in their work but no direct action was taken, and also that some reports did not suggest any harm had occurred but they would retain the information for future reference.
The FCA also attended the International Whistleblower Roundtable, hosted by the International Organisation of Securities Commissions (IOSCO), where they shared knowledge and good practice across whistleblower programmes in other regulatory jurisdictions. IOSCO is the global body for securities regulators and sets international standards for financial markets regulation. There was strong interest in the FCA’s work, including how they assess and act on disclosures, and also clear that the FCA sees a much higher volume of whistleblowing reports each year compared to other regulators.