The Financial Conduct Authority (FCA) received 1,131 whistleblowing reports between 1 April 2024 and 31 March 2025. These reports generated 2,684 separate allegations. The FCA said the information led to direct action 908 times, ranging from formal reviews to enforcement steps. A key focus this year was the growing number of allegations linked to consumer duty, following the rule’s implementation in 2023.
Consumer Duty: Emerging as a Concern
Out of the total allegations, 209 were related to consumer duty, placing it among the top ten most-reported categories. Allegations included mis-selling, inadequate advice, and a lack of focus on customer outcomes. Compliance was the most frequently cited issue, with 685 allegations.
The FCA’s 2023 quarterly whistleblowing data shows that Consumer Duty was introduced as a distinct category in the third quarter. In that period, the FCA received 280 new reports containing 794 allegations, grouped into five main themes: fitness and propriety; treating customers fairly/Consumer Duty; FSMA; culture; and compliance.
In the fourth quarter, the FCA received 249 new reports with 649 allegations. The most frequent allegation types remained Consumer Duty, compliance, fitness and propriety, and culture.
The FCA noted that consumer duty has now replaced “Treating Customers Fairly” in its categorisation process. It reflects how the new framework has become a benchmark for judging firm behaviour across the sector.
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