Data published by the U.S. Securities and Exchange Commission (SEC) and compiled by the whistleblower law firm Kohn, Kohn & Colapinto (KKC) reveals that the SEC has received more whistleblower tips from the United Kingdom than from any other foreign country. From 2011 through the 2021 fiscal year, the SEC received 5,044 whistleblower tips from individuals located outside the U.S. 699 of these tips came from the U.K.
Whistleblower advocates suggest that these statistics are indicative of the U.K.’s failure to properly protect and incentivize corporate whistleblowers. The SEC’s U.K. counterpart, the Financial Conduct Authority (FCA), has explicitly decided to not offer monetary awards to whistleblowers. Furthermore, the U.K.’s primary whistleblower protection law, the Public Interest Disclosure Act of 1998 (PIDA), is, according to whistleblower advocates, an outdated law which does not properly protect whistleblowers.
Given the shortcomings of the U.K.’s whistleblower system, whistleblower advocates say that it should not be surprising that so many U.K. whistleblowers make their disclosures to the SEC, which offers monetary awards and promises of anonymity.
“The FCA has a terrible record on whistleblowing. Whistleblowers should not trust the FCA, which has issued false and misleading reports on whistleblower laws in the past,” says whistleblower attorney Stephen M. Kohn of KKC. “Whistleblowers with information on publicly traded companies, foreign bribery, bank frauds,...
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