Between January and March 2025, the Financial Conduct Authority closed 468 whistleblowing cases. In some cases, this resulted in a variety of actions being taken; in other cases, no action was needed.
How the reports were closed
In 12, or 2.6%, of the reports, significant action to manage harm was required. In a further 192 reports, or 41% of cases, there was action to reduce harm, such as writing to or visiting a firm. 213 reports, or 45.5% of cases, informed the FCA’s work but no direct action was taken. 37, or 45.5% of reports, were not considered indicative of harm, although the information was recorded. The final 14 reports were listed as ‘other’.
Top allegations in Q1 2025
The most common reason for whistleblowing was compliance. If you run a business regulated by the FCA and want to ensure you do not fall foul of the regulations, consider using the services of FCA compliance consultants such as https://www.adempi.co.uk/.
Other common reasons for whistleblowing include fitness and propriety, consumer detriment, the culture of the organisation, consumer duty, systems and control, fraud, unauthorised business, data security, and FSMA.
Number of whistleblowing reports
There were no significant changes to the number of whistleblowing reports. Q1, from January to March 2025, saw 281 new reports, while the same quarter in 2024 saw 298. In the previous quarter, October to December 2024, there were 292 reports.
Most reports were made using the online reporting form, with others being made by email, letter, or phone. It is useful when whistleblowers provide their contact information, such as their email address or phone number, in case the FCA requires further information or has follow-up questions. The FCA is committed to protecting the details of whistleblowers, understanding that they will not want their identity to be known.
Although many cases are closed without action, the FCA assesses every whistleblowing report within its remit so that it can identify actual or potential harm to consumers, the markets, the UK economy, or society as a whole, and inform its work.
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