| Date Issued: | 23/07/2024 | Applicable to: | All firms | |
| Link(s): | Whistleblowing quarterly data 2024 Q2 | FCA | |||
Context
The FCA has published its latest quarterly whistleblowing data showing the number of new whistleblowing reports it has received between April and June 2024 (Q2). The data also includes the number of existing reports closed during this time period.
In this quarter, the FCA received 253 new whistleblowing reports, compared to 300 in the same period in 2023. The FCA reviews will usually involve confidential information restricted by the Financial Services and Markets Act 2000 (FSMA), including the FCA’s supervision and enforcement work. This restriction may limit the information that the FCA can share with whistleblowers.
Key points to note and next actions
The FCA received the biggest proportion of new reports in 2024 Q2 via the online reporting form. In relation to whistleblower confidentiality, the FCA found that whistleblowers provided their contact details in most of the reports received in 2024 Q2. The FCA listed the top 10 allegations made in whistleblowing reports between April and June 2024 as:
- Compliance – 135 reports
- Fitness propriety – 92 reports
- Culture of organisation – 78 reports
- Consumer detriment – 76 reports
- Systems and controls – 40 reports
- Consumer Duty – 35 reports
- Fraud – 32 reports
- Data security – 18 reports
- AML – 12 reports
- Unauthorised business – 10 reports
The FCA closed 382 whistleblowing reports between April and June 2024. Of these:
- in 25 of these report cases (7%), the FCA took significant action to manage harm which may include enforcement action, a section 166 skilled person report, or restricting a firm’s permissions or an individual’s approval;
- in 200 report cases (52%), the FCA took action to reduce harm, which may include writing to or visiting a firm, asking a firm for information, or asking a firm to attest to complying with FCA rules;
- 133 report cases (35%) have informed the FCAs work, including harm prevention, but no direct action was taken;
- 13 reports (3%) were not considered to indicate of harm, but the information was recorded and will be available for future reference;
- 11 reports were classified as ‘other’ (3%).