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The UK financial watchdog has reworked its internal whistleblowing policy after it was criticised for mishandling complaints from current and former employees.
The Financial Conduct Authority said the changes would clarify the different channels available for staff to raise concerns, how the policy applies to former employees, and what to expect when raising a grievance.
One of the main moves is in response to recent criticism of FCA chair Ashley Alder for sharing internally the identities of two former employees who had blown the whistle without first getting their permission to do so.
To avoid such a scenario, the FCA will clearly lay out how information about whistleblowers’ complaints can be shared internally by its chair or other non-executives. This will allow them to seek advice while maintaining the confidentiality of those making a complaint.
“We’re committed to a culture where people are confident to raise concerns and challenge poor practice and behaviour,” the FCA said, adding that the new policy would ensure that it was “easier for our people to use and they have a better experience of the process”.
Some of the changes reflect the recommendations of FCA senior independent director Richard Lloyd in his review of the mishandling of whistleblowers’ identities by Alder.
Lloyd, in September, said Alder “did not follow the [whistleblowing]...
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