Incidences of whistle-blowing to the Financial Services Authority (FSA) have increased markedly since the onset of the financial crisis four years ago, figures suggest.
According to data obtained by corporate investigations firm Kroll Advisory Solutions under the Freedom of Information Act, the regulator had 3,733 tip-offs in the year to May, up 276% from the 994 it received in 2007/8. Kroll said 18% of the company's investigations in the past year were started as a result of whistle-blowing. It blamed the increase on less-stringent controls in overseas markets, the ease of creating fraudulent online identities and better reporting capabilities for whistle-blowers. The Times reports some campaigners suggest financial incentives should be offered t...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
