Ruth Christy and Paul Fontes highlight the issues concerning whistleblowing and look at developments in the financial services sector.
On 18 December 2024, Gareth Snell MP became the latest campaigner to put before Parliament a new whistleblowing bill, with a view to enhancing whistleblowing laws first introduced in 1998. Calls for changes in the law have gained traction since movements such as #MeToo, with two private members’ bills put before Parliament as recently as 2022 and January 2024.
This latest bill will be considered by Parliament in April 2025. Private members’ bills don’t often make it onto the Statute Book, but even if this bill fails, it is indicative of the increased focus of legislators and regulators on whistleblowing.
Recent and proposed changes in the law, a continuing stream of press reports of wrongdoing, and in some cases the treatment of those reporting it, have highlighted a pressing need to improve whistleblowing frameworks. This has even led to some to argue for financial incentives to encourage whistleblowers to come forward.
Whistleblowing
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Lessons to learn from financial services
In the financial services sector, whistleblowing has been high on the agenda ever since the 2008 financial crisis and a number of subsequent scandals, inquiries and regulatory...
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