A scheme to reward individuals who report economic crime has been proposed by the government as it seeks views on the whistleblowing framework.
Introducing a consultation business secretary Jonathan Reynolds and Kate Dearden, minister of state for the future of work, say: ‘More than 25 years ago, the United Kingdom became a world leader in whistleblower protection. The whistleblowing landscape has evolved significantly since [the Public Interest Disclosure Act 1998] came into force in 1999.
‘This consultation seeks views on whether the existing framework is operating effectively and, if not, how it should be reformed. It also seeks views on a proposal for the Serious Fraud Office to introduce a financial reward scheme for whistleblowers reporting economic crime, following recommendations made by Jonathan Fisher KC in Part 2 of his Independent Review of Disclosure and Fraud Offences.’
The aim of the incentivisation scheme ‘is to encourage more people to come forward with information, strengthening the SFO’s ability to investigate and prosecute serious fraud, bribery and corruption’. The scheme would reward people who provide information about economic crime leading to a corporate conviction or alternative enforcement action.
Any reward would be funded from a proportion of the financial penalty or fine paid by the company, the government proposes. This means rewards would be paid only once the case has concluded and all appeal rights exhausted. The consultation seeks views...
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