Source · Select Committees · Treasury Committee
Recommendation 32
32
Acknowledged
Paragraph: 164
Limited awareness of FCA whistleblowing line hinders effective reporting of harassment.
Conclusion
There is limited awareness of the FCA’s whistleblowing line or how it works, and we believe there is scope to enhance its effectiveness and reduce the ‘fear factor’ victims of harassment face when reporting abuse.
Government Response Summary
The government acknowledges the limited awareness and 'fear factor' around the FCA's whistleblowing line, stating they are currently considering improvements to their approach and communication, including the potential for a publicity campaign.
Paragraph Reference:
164
Government Response
Acknowledged
HM Government
Acknowledged
We are currently considering how we can improve our approach to whistleblowing, and we will take the opportunity to consider how to communicate publicly any changes we make and whether a publicity campaign would be helpful as part of this. This is something we have done in recent years. We launched a publicity campaign in March 2021, entitled “In confidence, with confidence”, to encourage individuals to report wrongdoing. This involved sharing materials with firms to publicise FCA whistleblowing channels, as well as making these materials publicly available. We also engaged with the media to enhance awareness of the campaign. We have extensive information about whistleblowing on our website and certain firms are obliged to publicise our whistleblowing service with their staff under our rules. We receive around 1,100 disclosures a year. This number has been quite stable over recent years, although we have recently seen an increase in the number of disclosures relating to sexual misconduct. As well as awareness of the whistleblowing line, the other issue is confidence in the function. We noted in our recent consultation paper on transparency in enforcement the limitations in sharing feedback with whistleblowers and the impact this can have in their confidence in the whistleblowing function. That consultation has now closed and we are considering all responses very carefully and have corresponded with the Committee separately on that consultation.