Whistleblowing in financial services is changing.
While the number of reports remains low compared with other sectors, the issues being raised are increasingly serious.
With the Financial Conduct Authority preparing to expand its code of conduct to include non-financial misconduct, firms are under increasing pressure to treat whistleblowing as a key part of their risk and governance strategy.
The FCA recently reported a record number of whistleblower disclosures in its latest financial year
According to Safecall’s 2025 Whistleblowing Benchmark Report, financial services — including banking, private equity and professional services — continue to report fewer whistleblowing cases per employee than other sectors.
| Global benchmark | One report for every 370 employees |
|---|---|
| Professional Services | One report for every 950 employees |
| Private equity | One report for every 900 employees |
| Banking and finance | One report for every 680 employees |
This lower volume does not point to under-reporting.
In financial services, employees are typically well-trained to understand what constitutes a whistleblowing concern and where to report it.
With multiple internal company structures in place — such as HR, compliance or line management — some issues are appropriately handled elsewhere.
What we see through whistleblowing platforms, then, are the more serious or sensitive cases: genuine whistleblowing reports that require formal escalation.
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