FCA defends its whistleblower procedures

Fourth letter in saga

Tom Ellis
clock • 2 min read

The Financial Conduct Authority (FCA) has defended its processes in dealing with whistleblowers saying it acted "properly" by not treating cases from the SME Alliance as whistleblowing matters.

In defence of its procedures, then acting FCA chief executive Tracey McDermott wrote to Treasury Committee chairman Andrew Tyrie on 22 May to explain what it had done was proper after the MP demanded clarity on the FCA's whistleblower protections. She wrote: "Notwithstanding our view that these were not whistleblowing cases, we only shared with the banks the minimum information required to review the SME Alliance's allegations and we did not share the file of documents they provided with the banks in question." In conclusion, McDermott said: "I hope that this gives you confidence in th...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA's targeted support rules set to take effect from April 2026

FCA's targeted support rules set to take effect from April 2026

Regulator plans to open application gateway for firms in March

Isabel Baxter
clock 11 December 2025 • 5 min read
FCA sets out plans to simplify complaints regime

FCA sets out plans to simplify complaints regime

Including requirement for firms to report complaints involving vulnerable clients

Isabel Baxter
clock 04 December 2025 • 2 min read
FCA looks to boost transparency of ESG ratings providers

FCA looks to boost transparency of ESG ratings providers

Regulator opens consultation

Michael Nelson
clock 01 December 2025 • 2 min read