In an opinion piece published by FT Adviser, Phillips & Cohen partner Erika Kelton calls for the UK’s Financial Conduct Authority to take steps to build trust with whistleblowers and provide rewards for those who bring important information about misconduct to the regulator.
The regulator needs to do more if it truly wants to attract more whistleblowers with information about serious misconduct.
As an attorney who represents whistleblowers from all over the world, I have some advice.
First, the FCA must build trust and confidence in its system. Whistleblowers need to know that the FCA has their backs, if they decide to take the risk of reporting wrongdoing.
Second, the FCA should reverse its position opposing whistleblower rewards and support changes in the law to make that happen. Rewards are essential to get many of the most well-placed and informed whistleblowers in the financial services industry to come forward, particularly those at high levels in their firms.
This is demonstrated by the success of the US Securities and Exchange Commission’s whistleblower programme.
Read the entire article, “The FCA wants more whistleblowers: Here’s what it should do.”