Whistleblowing reports submitted to the FCA decreased significantly in the aftermath of Covid, but are starting to rise again in 2022, according to a Freedom of Information (FOI) request from instant cash payment service, Funanga.
The data shows that whistleblowing reports to the FCA declined significantly during the pandemic, down 13% in 2021 compared to 2019.
Positively, reports of wrongdoing have started to rise again in 2022. Reports in 2022 have risen by 6% compared to the same period in 2021. Anonymous reports have also risen by a massive 53% in 2022.
The most common type of wrongdoing reported to the FCA is about fitness and propriety.
Of the 108 reports received in June 2021, only five had been resolved with significant action taken against the company six months later.
Funanga says there is approximately a 50% chance of the FCA taking significant action against a company reported to them within two years.
Jens Bader, Funanga CEO, commented: “The last 36 months have been a petri-dish for increased money-laundering, financial scams, fraud, and other forms of non-compliance. Meanwhile the FCA launched a new whistleblowing initiative in 2021 'In confidence, with confidence' to encourage more reporting of wrongdoing from employees in the financial services sector. All logical analysis would conclude whistleblowing cases would spike, yet the opposite is true. Whistleblowers fell silent in the aftermath of Covid, even if the wrongdoing never went away.
“I’m deeply...
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