Complaints received by the FCA regarding settlements with whistleblowers

Reference Case Number: FOI8837

Freedom of Information: Right to know request:

My request relates to complaints received by the FCA regarding settlements with whistleblowers.

My request relates to the period between January 1st 2015 and today's date. Specifically, I want to know the following information:

During the cited period, did the FCA receive any complaints from whistleblowers regarding settlement agreements between employers and the whistleblowers themselves?
If the answer to Q.1 is "yes," please provide me with the total number of said complaints.
If the answer to Q.1 is "yes," how many of these complaints were made in relation to settlement negotiations that the FCA was directly involved in?
If the answer to Q.3 is at least one, please provide me with the total number of said complaints, as well as copies or documentation of each complaint, including timestamps.
Of the total number of complaints filed within the cited period, how many have been upheld?
During the cited period, has the FCA received a complaint—as defined in Q.3—that the FCA chose not to consider an eligible complaint?

FCA response:

Information relating to complaints received by the FCA regarding settlements with whistleblowers for the period between 1 January 2015 and 29 November 2021.

Please note that where the request refers to “complaints”, we have taken this to mean reports from whistleblowers. To identify relevant reports, we have conducted a keyword search of our databases. In the identified cases, whistleblowers will have shared with us, as part of their report, concerns around the provisions of a settlement agreement from the relevant employer. Settlement agreements between firms and their employees are not subject to FCA regulations. However, if we are provided with information about a settlement agreement within a whistleblower’s report, we will review this to consider if the terms of the agreement comply with our rules and guidance set out in SYSC18[1].

1. During the cited period, did the FCA receive any complaints from whistleblowers regarding settlement agreements between employers and the whistleblowers themselves?

We have received reports from whistleblowers that refer to settlement agreements between employers and the whistleblowers themselves.

2. If the answer to Q.1 is “yes,” please provide me with the total number of said complaints.

We have received six reports, as defined above, between 1 January 2015 and 29 November 2021.

3. If the answer to Q.1 is “yes,” how many of these complaints were made in relation to settlement negotiations that the FCA was directly involved in?

None. The FCA does not participate in settlement negotiations between employers and employees. As stated above, if we do receive information from a whistleblower, or other sources, that suggests the terms of a settlement agreement do not comply with our rules or guidance, we will review this to determine if any further action may be required. This would not be as a party to the negotiations.

4. If the answer to Q.3 is at least one, please provide me with the total number of said complaints, as well as copies or documentation of each complaint, including timestamps.

Not applicable. We refer you to our response to question 3 above.

5. Of the total number of complaints filed within the cited period, how many have been upheld?

Not applicable. The FCA does not adjudicate complaints arising from settlement agreements. The employment tribunal and/or the civil courts are the proper fora for such complaints.

6. During the cited period, has the FCA received a complaint—as defined in Q.3—that the FCA chose not to consider an eligible complaint?

Not applicable. We refer you to our response to question 3 above.

Date of Release: 30/12/2021

Complaints received by the FCA regarding settlements with whistleblowers - December 2021