New whistleblower data shows 253 whistleblowing reports were made to the FCA during Q2 2024. The reports contained 641 allegations, a slight dip compared to Q2 last year, when the authority received 300 reports holding a total of 821 allegations.
Since the start of publishing whistleblower data in 2021, only one quarter has featured fewer reports and allegations, Q2 2022 with 243 reports and 474 allegations.
Q4 2023 had almost as many as now, 249 reports, yet more allegations – 649 in total.
The period with most whistleblower reports was April – June 2023, in which the FCA received 300 reports containing 821 allegations.
Aligning with the other reports, most allegations this quarter concerned compliance (153), fitness propriety (92), and the culture of organization (78).
Whistleblowers keep providing their identity (182), while 71 stayed anonymous. And FCA’s online reporting form remains as the most used way to contact the authority (107), followed by email (66) and telephone (39).
Closed reports
Premiering this year is additional information on how the FCA has handled whistleblower information, and how many reports were closed. A change that comes after criticism in qualitative surveys of whistleblowers that showed concern about the process of reporting to the regulator.
“We know that greater transparency about the whistleblowing reports we receive is important and we are constantly trying to improve the information we make public,” the FCA said.
During April and June, the FCA closed 382 whistleblowing reports, which is an increase from 253 reports in Q1. The latest closed reports included:
| Reports | Percentage (%) | Action taken |
|---|---|---|
| 25 | 7 | 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. |
| 200 | 52 | Action to reduce harm – which may include writing to or visiting an organization, asking it for information or to attest to complying with FCA rules. |
| 133 | 35 | Informing the FCA’s work, harm prevention, but no direct action. |
| 13 | 3 | Not considered indicative of harm, but the information was recorded and will be available for future reference. |
| 11 | 3 | Classified as other. |
The FCA started publishing its whistleblower data in late 2021, and has since then received 3,314 reports, containing 8,037 allegations in total.