FCA defends its whistleblower procedures

Fourth letter in saga

Tom Ellis
clock • 2 min read

The Financial Conduct Authority (FCA) has defended its processes in dealing with whistleblowers saying it acted "properly" by not treating cases from the SME Alliance as whistleblowing matters.

In defence of its procedures, then acting FCA chief executive Tracey McDermott wrote to Treasury Committee chairman Andrew Tyrie on 22 May to explain what it had done was proper after the MP demanded clarity on the FCA's whistleblower protections. She wrote: "Notwithstanding our view that these were not whistleblowing cases, we only shared with the banks the minimum information required to review the SME Alliance's allegations and we did not share the file of documents they provided with the banks in question." In conclusion, McDermott said: "I hope that this gives you confidence in ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA proposes to cut down on data reporting for firms

FCA proposes to cut down on data reporting for firms

Part of regulator’s programme to ‘reduce burden’

Isabel Baxter
clock 16 April 2025 • 2 min read
FCA pumps £3.7m into advice/guidance boundary review work

FCA pumps £3.7m into advice/guidance boundary review work

Come as the regulator proposes to increase fees by 2.5%

Isabel Baxter
clock 08 April 2025 • 3 min read
Open letter slamming FCA email policy sent to regulator and government

Open letter slamming FCA email policy sent to regulator and government

'Alarming lack of consultation'

Beth Brearley
clock 20 March 2025 • 2 min read