Following recommendations in 2013 by the Parliamentary Commission on Banking Standards, the Financial Conduct Authority (“FCA”) and Prudential Regulatory Authority (“PRA”) published new rules on 6 October 2015 in relation to whistleblowing. These rules are set to build on existing good practices within the financial services industry and the new Senior Managers Regime by codifying a set of measures aimed at encouraging employees to blow the whistle on malpractice. Of significance, however, is the fact that the PRA and FCA have decided not to impose a generalised duty on staff of relevant firms to “blow the whistle”. Please click here to read more.
