Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • October 2015
10

Regulators introduce new rules on whistleblowing

Open-access content Wednesday 7th October 2015 — updated 10.11pm, Wednesday 6th May 2020

The Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) have joined forces to put in place requirements for firms to allow their employees to "blow the whistle" and raise concerns internally. 

Whistleblowing © Shutterstock

The rules come into effect in September 2016 and will apply to insurers and reinsurers under the scope of the Solvency II directive and deposit-takers such as banks, building societies and credit unions with more than £250m in assets. 

Under the new rules firms will be required to appoint a senior manager as their "whistleblowers' champion" who will take responsibility for the effectiveness of these arrangements.

Firms will need to make internal arrangements to handle all types of disclosure from all employees, let workers know they have a legal right to blow the whistle, inform UK-based employees about the FCA and the PRA whistleblowing services and present a report on whistleblowing to the board at least once a year.

Tracey McDermott, acting FCA chief executive, said: "Whistleblowers play an important role in exposing poor practice in firms and they have in the past few years contributed intelligence crucial to action taken against firms and individuals. 

"These rules are designed to build on and formalise examples of good practice already found in parts of the financial services industry and aim to encourage a culture in which individuals working in the industry feel comfortable raising concerns and challenge poor practice and behaviour."

The FCA said there was an increase in the number of reports it received. There were 1,340 whistleblowing disclosures recorded for the financial year 2014/15, 28% up from 1,040 in 2013/14. In the financial year 2007/08 the then Financial Services Authority received only 138 disclosures.

In addition, the regulators published a consultation paper proposing changes to the way firms seek and provide references for candidates applying for certain roles. 

The consultation will run until 7 December and comments should be sent to both regulators.

This article appeared in our October 2015 issue of The Actuary.
Click here to view this issue
Filed in
10
Topics
General Insurance

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Deputy Head of Capital Modelling

London (Central)
£110000 - £130000 per annum
Reference
144789

Head of Analytics (Actuarial)

London (Central)
£130000 - £165000 per annum
Reference
144788

Pensions Actuarial Analyst - GMP Equalisation

London (Central)
£ dependent upon experience
Reference
143745
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ