Is the UK's main securities regulator keeping its commitment to whistleblowers who bring forth claims of wrongdoing at companies and financial firms?

The United Kingdom’s Financial Conduct Authority (FCA) has assessed fewer than one-in-four of the 1,025 reports it received from whistleblowers in 2021, and it is also still assessing some 438 reports from the years 2019 and 2020.

The number of reports remaining to be assessed was disclosed in response to a request made under the Freedom of Information Act by Thomson Reuters’ Regulatory Intelligence (TRRI) group. The FCA’s response revealed that of the 1,025 reports filed by whistleblowers, just 238 have been fully vetted.

“We know that for most whistleblowers who turn to the FCA, it is a last-ditch effort by them to help avert what could be a financial crisis,” says Mary Robinson MP (Con), chair of the All-Party Parliamentary Group for Whistleblowing. “I am concerned that only [one-fourth] concerns raised to the FCA have been looked at, and that over 868 cases remain outstanding from 2021 and hundreds of cases remain to be investigated from previous years.”

Of those assessed in 2021, seven cases led to “significant action” being taken by the regulator, while 238 resulted in no further action.

“Significant action may include, but is not limited to, enforcement investigation, [under Section] 166 [in the Financial Services and Markets Act of 2000] skilled persons reports or the variation/withdrawal of permissions,” the FCA...

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