The Belgian Financial Services and Markets Authority recorded a rise in whistleblower and consumer reports in 2025, reflecting increased contact with the regulator and continued concerns about unlawful financial activity.
The FSMA said it received 306 whistleblowers’ reports in 2025. That was 12% more than in 2024 and more than double the number received in 2022. The authority uses these reports to detect breaches of financial legislation at an early stage and, where necessary, to take supervisory or enforcement measures.
Jean-Paul Servais, Chairman of the FSMA, said the trend was positive because it showed growing trust in the regulator. He said consumers were increasingly contacting the FSMA “to check if their provider is trustworthy” and that this approach helps prevent fraud.
He added that it is important for a supervisory authority to listen to both the financial sector and the public in order to “detect, as early as possible, important signals” that may require action.
The FSMA has operated a dedicated whistleblowing channel since 2017 for reporting suspected infringements of financial legislation under its supervision. The authority said reports are handled with particular care to ensure anonymity and confidentiality.
The number of reports through this channel has increased steadily. The FSMA received 139 reports in 2022, 238 in 2023, 274 in 2024 and 306 in 2025.
The reports cover...
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