Context
The FCA has published its Q4 2024 Whistleblowing data, covering October to December 2024. The data shows the number of new whistleblowing reports received and the number of existing reports closed during the period. The data shows how the FCA received the report, what the report was about, and what level of action the FCA has taken.
Key points to note and next actions
In the quarter, 292 new whistleblowing reports were received (higher than the 248 reports in the same period in 2023, but lower than the 322 reports in Q3 2024).
- 134 were received via the FCA’s online reporting form, with a further 130 being received via e-mail (68) or telephone (62).
- 70% of the whistleblowers were happy to share their identity, whilst 30% remained anonymous.
- There were a total of 852 allegations within the 292 reports (almost three allegations per report), with the top three allegations relating to compliance (172), fitness and propriety (121) and the culture of the organisation concerned (93).
The FCA closed 388 whistleblowing reports in the quarter:
- The FCA took significant action to manage harm in 15 reports (4%) – this may have included enforcement action, a section 166 skilled person report, or restricting a firm’s Permissions or an individual’s approval.
- The FCA took action to reduce harm in 178 reports (46%) – this may typically involve writing to or visiting a firm, asking a firm for information, or asking a firm to attest to complying with FCA rules.
- 155 reports (40%) informed the FCA’s work, including harm prevention, but no direct action was taken.
- 35 reports (9%) were not seen as harmful, but the information was recorded and will be available for future reference.
- 5 reports (1%) classified as ‘other’.