FCA pledges better updates for whistleblowers

FCA-FSA-Building-700x450.jpg

The Financial Conduct Authority says it will do more to keep whistleblowers in the loop when they pass on information.

Speaking at an FCA financial crime conference in London today, FCA director of enforcement and financial crime Tracey McDermott said she understands the frustration among firms who report their suspicions and then do not know how that information is dealt with by the regulator.

McDermott said: “We do absolutely understand the frustration of whistleblowers that we can not provide a blow by blow account of what have done with their information.

“We want to see what we can do to make whistleblowers better understand what we done with it.”

McDermott strongly encouraged people to be whistleblowers if they have information they think the regulator should know about.

She said the FCA is also considering the parliamentary commission on banking standards report last month, which recommended that the FCA should consider paying whistleblowers, should create better systems for managing information and make a very senior person in a bank responsible for all whistleblowing activity.

Money Marketing freedom of information request in May found the FCA does not keep track of what happens to tip-offs that are handed over to other internal departments.