How to comply with the UK’s new whistleblower rules

Author: Lizzie Meager | Published: 17 Aug 2016

Just weeks away from implementation, UK financial services firms are preparing for new rules making up a broader drive for a culture change in the industry.

The Financial Conduct Authority (FCA) outlined the new rules in an attempt to encourage staff to come forward with information last October, and they’re due to come into effect on September 7.

They apply to deposit-takers with over £250 million ($325.6 million), Prudential Regulatory Authority (PRA)-designated investment firms, and insurance and reinsurance firms regulated by Solvency II. The regulator is also exploring the possibility of extending the rules to UK branches of overseas banks.

The framework is closely linked to the UK’s Senior Managers’ Regime (SMR) which came into effect earlier this year in a bid to boost individual accountability at financial institutions. Within the SMR was a requirement to appoint a so-called whistleblowers’ champion, a non-executive director whose responsibility it is...