We propose, with the PRA, a package of measures to formalise firms’ whistleblowing procedures.
Why are we seeking views on this?
The Parliamentary Commission on Banking Standards (PCBS) recommended that banks put in place mechanisms to allow their employees to raise concerns internally, and that the we and the PRA ensure these mechanisms are effective.
With the PRA we have, in response, proposed a package of measures to formalise firms’ whistleblowing procedures. These proposals aim to move towards a more consistent approach, building on existing good practice in firms. They aim to ensure that all employees are encouraged to blow the whistle where they suspect misconduct, confident that their concerns will be considered and that there will be no personal repercussions.
CP15/4: Whistleblowing in deposit-takers, PRA-designated investment firms and insurers [PDF][1]
Who does this affect?
This consultation paper proposes a set of rules that will apply to UK banks, building societies, credit unions, PRA-designated investment firms and insurance and reinsurance firms, including third country branch undertakings, within the scope of Solvency II, and to the Society of Lloyd’s and managing agents.
We propose that the requirements are not imposed on small credit unions with £25m or less in assets.
Next steps
We want to know what you think of our proposals. Please send us your comments by 22 May 2015 using the online response form[2].
Find out more:
For more information:
- View our whistleblowing pages
- How we handle disclosures from whistleblowers [PDF][3]
- Parliamentary Commission on Banking Standards[4]