Whistleblowing: report to us in confidence, with confidence 

We’ve launched a whistleblowing campaign ‘in confidence, with confidence’ to encourage individuals working in financial services firms to report potential wrongdoing to us. 

Whistleblowing matters to us and provides vital insight to help us expose poor practice and prevent wrongdoing in the markets we regulate.  

We expect firms’ senior management to have effective whistleblowing arrangements in place to enable employees to raise concerns. However, we understand that some may be reluctant to speak out or to report potential wrongdoing internally.  

That’s why we’ve developed guidance to outline how whistleblowing works. It will reassure potential whistleblowers and give them the confidence to come forward if they need to.

Access the whistleblowing guidance and share it with your firm’s whistleblowing champion (see the resources section). 

We assess every report we receive and protecting our whistleblowers’ identity is at the heart of what we do. Whistleblowers can choose to remain anonymous and many do.  

We’ve increased resources in our specialist team trained to interact directly with whistleblowers and all FCA staff now undertake mandatory e-learning to help identify whistlebblowers and act on the intelligence they provide.  

When whistleblowing works well it helps consumers, markets and firms and keeps everyone safe. If you think a firm or individual is involved in wrongdoing in an area we regulate, see our whistleblowing pages for more information about who can make a report and how to get in touch.

At the end of March, we published our final rules and guidance for relevant firms on new requirements to strengthen operational resilience in the financial sector, alongside the Bank of England and the Prudential Regulation Authority.  

Operational disruptions can cause wide-reaching harm to consumers, pose risks to market integrity, threaten the viability of firms and cause instability in the financial system. The disruption caused by Covid-19 has shown why it is critical for firms to understand their services end to end, know the disruption those services can withstand, and test their ability to do just that.  

In December 2019, we consulted on proposed changes to how firms approach their operational resilience. We saw a high level of engagement with the consultation, with most respondents supporting our proposals.  In response to feedback, we have made some changes, including to give firms more time and flexibility to meet mapping and scenario testing requirements. We have also provided more information and examples on how the policy applies.  

Next steps  

By 31 March 2022, relevant firms must have  

• identified their important business services 
• set impact tolerances for maximum tolerable disruption  
• carried out mapping and testing to a level of sophistication necessary to ensure adherence to those tolerances 

After 31 March 2022, firms must have performed mapping and testing so that they can make the changes or investments necessary to be able to remain within impact tolerances for each important business service no later than 31 March 2025. 

We’ve previously published rules and guidance setting out our expectations for firms’ whistleblowing procedures. Firms are reminded they should have effective arrangements in place for employees to raise concerns and to be able to handle them appropriately and confidentially. The requirement to appoint a whistleblowers’ champion ensures senior management has oversight over the integrity, independence and effectiveness of firms’ arrangements. This includes protecting whistleblowers from victimisation and overseeing the preparation of an annual report.  We expect firms’ senior management to ensure they have fully considered and implemented effective whistleblowing arrangements and to continuously assess how they work in practice.

We are pleased to announce that our new online invoicing portal is now live. As with the previous portal, firms can use the portal to access their invoices and arrange payment of their fees. We encourage you to visit our website to access the new portal and find more information on the steps that you will need to take if you are logging into the system for the first time. 

We published a feedback statement to our Call for Input on open finance on 26 March 2021. Responses show that open finance could potentially offer significant benefits to consumers, but it would also create or increase risks and raise new questions of data ethics. They also showed a degree of consensus around the key building blocks needed for open finance to develop in the interests of consumers. Read our news item or the feedback statement for more detail on respondents’ views as well as our next steps on open finance. 

Last month we held a Women’s Economic Empowerment TechSprint which focussed on the experience of women who have been disproportionately affected by Covid-19. Teams at the event were tasked with developing solutions focussing on how digital ID and alternative credit scoring can increase financial access, inclusion and resilience. A conference was held in parallel to the TechSprint involving discussions how technology and innovation can improve the financial situation of women and vulnerable consumers around the globe, and the importance of gender diversity to regulation You can register and view all team demonstrations and conference sessions on-demand. 

Due to Covid-19 a number of services, such as travel arrangements, events and weddings have been cancelled. It is important that consumers in these circumstances are aware of and understand their rights and options for claiming their money back. 

We have extended our temporary guidance to help reduce the frustration and inconvenience being experienced by consumers trying to obtain a refund, due to the ongoing impact of the pandemic. The guidance will remain in place during the exceptional circumstances arising out of Covid-19 until varied or revoked. 

On 26 March, we and the PRA published a joint Dear CEO letter on the transition from LIBOR to Risk-Free Rates. This letter sets our expectation that all dual-regulated firms meet the Working Group's milestones on Sterling Risk-Free Reference Rates and the targets of other currency working groups and relevant supervisory authorities, as appropriate. Firms are reminded that the onus is on them and their responsible Senior Manager(s) to determine the specific steps required to mitigate the risks to safety and soundness arising from their firm's exposure to LIBOR, ensure good client outcomes and preserve market integrity. 

Last month we held a Women’s Economic Empowerment TechSprint which focussed on the experience of women who have been disproportionately affected by Covid-19. Teams at the event were tasked with developing solutions focussing on how digital ID and alternative credit scoring can increase financial access, inclusion and resilience. A conference was held in parallel to the TechSprint involving discussions how technology and innovation can improve the financial situation of women and vulnerable consumers around the globe, and the importance of gender diversity to regulation You can register and view all team demonstrations and conference sessions on-demand. 

Last month we held a Women’s Economic Empowerment TechSprint which focussed on the experience of women who have been disproportionately affected by Covid-19. Teams at the event were tasked with developing solutions focussing on how digital ID and alternative credit scoring can increase financial access, inclusion and resilience. A conference was held in parallel to the TechSprint involving discussions how technology and innovation can improve the financial situation of women and vulnerable consumers around the globe, and the importance of gender diversity to regulation You can register and view all team demonstrations and conference sessions on-demand. 

Last month we held a Women’s Economic Empowerment TechSprint which focussed on the experience of women who have been disproportionately affected by Covid-19. Teams at the event were tasked with developing solutions focussing on how digital ID and alternative credit scoring can increase financial access, inclusion and resilience. A conference was held in parallel to the TechSprint involving discussions how technology and innovation can improve the financial situation of women and vulnerable consumers around the globe, and the importance of gender diversity to regulation You can register and view all team demonstrations and conference sessions on-demand. 

We are reminding consumer credit firms subject to regulations 8, 10 and 11 of the Consumer Credit (Disclosure of Information) Regulations 2010  and CONC 2.7.2R(4)(a) of changes that take effect from 1 June 2021.   

These changes relate to the need to use the new (post-Brexit) pre-contract consumer credit information forms, rather than the old forms. 

If the Disclosure Regulations are not complied with, the credit agreement is only enforceable against the debtor on an order of the court under the Consumer Credit Act 1974. 

Further information can be accessed here.

Last month we held a Women’s Economic Empowerment TechSprint which focussed on the experience of women who have been disproportionately affected by Covid-19. Teams at the event were tasked with developing solutions focussing on how digital ID and alternative credit scoring can increase financial access, inclusion and resilience. A conference was held in parallel to the TechSprint involving discussions how technology and innovation can improve the financial situation of women and vulnerable consumers around the globe, and the importance of gender diversity to regulation You can register and view all team demonstrations and conference sessions on-demand. 

Last month we held a Women’s Economic Empowerment TechSprint which focussed on the experience of women who have been disproportionately affected by Covid-19. Teams at the event were tasked with developing solutions focussing on how digital ID and alternative credit scoring can increase financial access, inclusion and resilience. A conference was held in parallel to the TechSprint involving discussions how technology and innovation can improve the financial situation of women and vulnerable consumers around the globe, and the importance of gender diversity to regulation You can register and view all team demonstrations and conference sessions on-demand. 

We recently published a news story which highlighted some tensions that have been reported to us between High Cost Lenders (HCLs) and Claims Management Companies (CMCs). 

In the news story we reminded HCLs and CMCs that we expected them to work together to resolve disputes and disagreements in the interest of their customers, and we encourage CMCs and HCLs to agree streamlined claims handling processes with each other, where possible.