A new consultation proposes revising the UK’s current whistleblowing framework as the Serious Fraud Office (SFO) has also published updated guidance for corporates to encourage early self-reporting of serious fraud, bribery and corruption.
The government has launched a consultation on enhancing whistleblower protections, including plans to introduce a financial incentive scheme for individuals who report economic crimes to the SFO.
The proposed reforms aim to strengthen the SFO’s capacity to investigate and prosecute serious fraud, bribery and corruption and follow recommendations put forward in a review by Jonathan Fisher KC, which called for wide-ranging reforms to make the UK’s response to fraud more agile and proactive to help prevent and deter criminal activity.
The consultation follows the introduction of stronger whistleblowing protections across Europe, and, more recently, the launch of a corporate whistleblower rewards pilot programme in the US. These developments have reignited calls to reform the UK’s existing whistleblowing framework set out in the Employment Rights Act 1996, which applies in England, Wales and Scotland.
In particular, the consultation outlines introducing a highly anticipated whistleblower incentives programme that would financially reward individuals for coming forward to report financial crimes. Similar schemes are already operating in the US and Canada.
The government has proposed that any reward should be calculated as a percentage of the...
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