Its recent consultation paper, the most comprehensive review since the legislation came into force in 1998, could widen who is protected, impose new duties on employers and, for the first time, pay whistleblowers who report economic crime. For financial services firms, the direction of travel is as important as the detail.
The consultation closes on 8 January 2027, and a formal Government response is expected later in 2027.
The whistleblowing framework protects workers who report wrongdoing in the public interest from dismissal or other detrimental treatment by their employer as a result. Once hailed as world-leading protection of its kind, the framework is now considered by the Government to be no longer fit for purpose.
We set out below the most significant questions raised by the paper.
The most significant change in culture may come from the proposed Serious Fraud Office (SFO) financial incentive scheme, which the Government supports. Inspired by the US Securities and Exchange Commission programme (of which UK nationals are already the second-largest overseas user group), the proposal is that:
the information must be significant and original and lead to a corporate conviction or a Deferred Prosecution Agreement;
rewards would be a percentage of the company's penalty, payable only once the...
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