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 ...

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

Regulatory and employment-related changes – what do firms need to prepare for?

Regulatory and employment-related changes – what do firms need to prepare for?

‘Getting these issues right is not just about avoiding regulatory action or tribunal claims’

Sophie White
clock 21 August 2025 • 4 min read
FOS fees could fall if cases resolved early

FOS fees could fall if cases resolved early

Consultation seeking to modernise charges

Jenna Brown
clock 13 August 2025 • 2 min read
Consumer Duty two years on: Challenges remain for advisers

Consumer Duty two years on: Challenges remain for advisers

‘Biggest challenge for advisers at the moment'

Sahar Nazir
clock 31 July 2025 • 4 min read