Whistleblowers make 2,754 separate allegations of financial misconduct to FCA

Around £190m in financial penalties had been handed out

Pedro Gonçalves
clock • 2 min read

A total of 2,754 separate allegations of misconduct, including fraud, money laundering and compliance complaints have been logged with the Financial Conduct Authority (FCA), with 184 individuals and firms currently under investigation for carrying out unauthorised business.

The data from FCA's newly published Annual Report and Accounts 2020/21, analysed by a Parliament Street think tank, details the allegations, which were provided by a total of 1,046 whistleblowers in the last 12 months. The 1,046 whistleblowing reports is a small reduction when compared to the 1,100 reports in 2019/20, and, this year, 15 led to "significant action" to mitigate harm, which may have included enforcement action. In a further 135 cases the regulator took "action" to mitigate harm, which included writing to or visiting a firm, requesting further information, or asking a fir...

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