On 20 May 2015 the Chartered Institute for Securities & Investment (CISI) responded to the PRA/FCA’s Consultation on Whistleblowing in deposit-takers, PRA-designated investment firms and insurers (FCA CP15/4 and PRA CP6/15).
Please find the CISI’s formal response and a cover letter from Simon Culhane, Chartered FCSI, and CISI CEO, to the regulator setting out the main points raised in the CISI’s response below.
View formal response
The reason for the regulators launching the consultation arose from the recommendation from the Parliamentary Commission on Banking Standards (PCBS) that banks put in place mechanisms to allow their employees to raise concerns internally, and that the FCA and the PRA ensure these mechanisms are effective.
Therefore, the FCA and PRA proposed a package of measures to formalise firms’ whistleblowing procedures. The regulators state that “these proposals aim to move towards a more consistent approach, building on existing good practice in firms. They aim to ensure that all employees are encouraged to blow the whistle where they suspect misconduct, confident that their concerns will be considered and that there will be no personal repercussions.”
The full consultation paper can be read here: CP15/4: Whistleblowing in deposit-takers, PRA-designated investment firms and insurers