FSA Chairman Howard Davies made clear the regulator's seriousness in expecting firms to put int...
FSA Chairman Howard Davies made clear the regulator's seriousness in expecting firms to put internal whistleblowing procedures into place today. Davies warned that if guidance due for issue in the New Year does not lead to the higher standards anticipated he wouldn't hesitate to consider making rules under the FSM Act.
Davies made the comments speaking at the Securities Houses Compliance Officers Group conference today. He said: "Any evidence we get that a firm has acted to the detriment of an employee who has made a disclosure which is protected by whistleblowing legislation could call into question the fitness and propriety of the firm concerned and/or relevant members of the firm's staff."
Davies also said: "The FSA 'should facilitate the production of Guidance setting out a statement of the respective duties and responsibilities of advisers and containing useful advice and examples of lessons that have been learnt' - as part of our wider review of the listing regime announced earlier this year."
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