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...

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

Consumer Duty drives half of firms to stop serving clients

Consumer Duty drives half of firms to stop serving clients

Lang Cat research finds advice gap steady with just 9% paying for advice

Jen Frost
clock 25 June 2025 • 4 min read
Startup Hackford launches FCA register search platform

Startup Hackford launches FCA register search platform

Tool uses machine learning to segment more than 70,000 UK regulated firms by category

Sahar Nazir
clock 24 June 2025 • 2 min read
Ex-Janus Henderson analyst convicted of insider trading and money laundering

Ex-Janus Henderson analyst convicted of insider trading and money laundering

FCA 'committed to fighting financial crime'

Patrick Brusnahan
clock 23 June 2025 • 1 min read