Investing.com -- Britain proposed on Monday allowing its Serious Fraud Office to pay whistleblowers a portion of fines collected from companies found guilty of fraud, bribery or corruption. The bounty program would represent a substantial change in how the country addresses corporate crime.
Under the proposal, whistleblowers would need to provide information that is both significant and original, leading to a successful outcome against a company. Qualifying outcomes include a conviction or a deferred prosecution agreement, in which a company accepts conditions such as paying a penalty and improving its compliance program.
The government outlined in a consultation paper that rewards would come from a share of the company’s penalty and would only be distributed after all appeals are exhausted. The government suggests setting rewards as a percentage of the penalty but has not established a specific range.
The paper noted that most existing programs in other countries pay between 10% and 30% with no cap, while the Ontario Securities Commission limits rewards to C$5 million. The government is seeking input on whether Britain should implement a cap.
The consultation paper said the policy discussion has changed largely due to the success of overseas programs, particularly the U.S. Securities and Exchange Commission program. UK nationals represent its second-largest overseas user group.
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