"We need intelligence from whistleblowers to identify problems in the companies we regulate and take action. We want to make sure that we collect and use the information provided by whistleblowers as effectively as possible and provide them with as much information as the law allows about how we address their concerns."

Following a qualitative investigation into whistleblowers who provided information to the FCA, the Financial Conduct Authority (FCA) has taken steps to increase the confidence of whistleblowers to understand their experience and identify areas for improvement.

The regulator intends to strengthen relationships and confidence by sharing more information with whistleblowers about how it handles whistleblower information, improving the use of information provided by whistleblowers, and improving the way it obtains information from whistleblowers.

"We need information from whistleblowers."

Therese Chambers, Executive Director of Enforcement and Market Surveillance, said: "We need the intelligence provided by whistleblowers to identify problems in the companies we regulate and take action. We want to make sure that we collect and use the information provided by whistleblowers as effectively as possible and provide them with as much information as the law allows about how we address their concerns."

As part of the FCA's initiative to boost whistleblower confidence, the regulator plans to:

Provide the whistleblower with more detailed information on what was done with the information provided, or why action was or was not taken

Improving the use of whistleblower information across the FCA (e.g., making the best use of data and ensuring that the end-to-end reporting process is as efficient as possible)

Enhance its web form - the most popular way for whistleblowers to contact the FCA - to fully capture each whistleblower's disclosure

Working with the Department of Business and Trade to support a review of whistleblower legislation to strengthen the wider whistleblowing system

The FCA says whistleblowing provides unique insights from within the firms and markets it regulates. The evidence is that it enables financial regulators to identify and correct problems, including consumers being mis-sold loans, unauthorized company acceptance of customers, and lapses in companies' internal reporting procedures.

The FCA's ability to share information about how it acted on information provided by whistleblowers is generally limited by legal confidentiality obligations. The FCA's revised approach will provide as much information as possible within these legislative constraints.

Whistleblowers complained about the lack of feedback from the FCA

In 2022, the FCA conducted a qualitative survey that received responses from 24 whistleblowers, providing "very useful insights, not least finding that despite being unhappy with the feedback we gave them, more than half of the whistleblowers interviewed continued to interact with us".

At the time, the regulator said: "We recognise that if whistleblowers do not receive fuller feedback on the work we have done on the issues they have raised with us, it is difficult for them to see that they are being taken seriously and listened to. Given the importance we place on whistleblowers, we are determined to address this perception."

The FCA is required to comply with section 348 of the Financial Services and Markets Act 2000, which requires the agency to keep confidential information obtained in the course of its functions and duties, including information reporting intelligence obtained by the FCA from companies when we act in accordance with the following principles.