The Financial Conduct Authority (FCA) recently published the findings from its 2022 whistleblowing qualitative assessment survey, together with the steps it intends to take to improve whistleblower confidence. The FCA's summary and press release are available here and here.

The FCA conducted the survey to understand whistleblowers' experience of reporting to the FCA and to capture views about their experience of notifications of wrongdoing to the regulator. Many respondents to the survey reported significant dissatisfaction with their experience, and did not feel there was sufficient dialogue with the FCA to enable proper understanding of their concerns. In particular, whistleblowers were frustrated that they did not receive detailed updates on how the FCA was investigating and handling their disclosure. Such perceived delays and inaction, and the resulting frustrations, are consistent with our experience with clients who have blown the whistle to the FCA.

Alongside its findings, the FCA has set out its proposed actions to improve the confidence of whistleblowers such as:

• providing whistleblowers with additional detail on the FCA's actions, the reasons for such actions, and the eventual outcome, i.e., once cases are closed;
• improving the use of whistleblowers' information across the FCA;
• enhancing the FCA's webform (available here), which is the most common way for whistleblowers to contact the FCA, to fully capture every whistleblower's disclosure;
• improving training...

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