The Financial Conduct Authority is grappling with a sharp rise in whistleblowing reports, with new data suggesting the watchdog is struggling to keep pace with its growing caseload.
According to figures published by the regulator, the volume of whistleblowing reports submitted in the UK climbed by almost 30 per cent in the first quarter of the year, reaching a record high of 355. Despite the surge, the number of cases closed by the FCA fell compared with the previous quarter, raising fresh questions about the regulator’s capacity to act swiftly on intelligence from insiders.
The development comes less than a year after the FCA pledged to accelerate its handling of whistleblower reports, following a similar spike in volumes during its previous financial year. In October, the regulator said it had “made several improvements” to the process to manage what it described as a record-breaking inflow of reports.
Linsday Nicholls, the FCA’s whistleblowing manager, said the organisation would “continue to build on these improvements to be a smarter regulator”.
The FCA assesses every report falling within its remit to identify potential harm to consumers, markets, the wider UK economy or society.
Industry experts say the reasons behind the rise are not clear-cut. Pauline Lépissier, a partner at Devonshires, told City AM that it is “hard to establish exactly” what is driving the increase. She suggested it could reflect a genuine uptick in misconduct, or simply that whistleblowing has...
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