On 12 January 2023, the FCA published its whistleblowing data for the period July to September 2022 (Q3 2022). During this period, it received 291 new whistleblowing reports, containing 734 allegations. Most of the new reports were received via the online reporting form and the majority of whistleblowers provided their contact details, rather than seeking to remain anonymous.

In line with earlier data, the top four allegations reported by whistleblowers during the period were: (i) fitness and propriety; (ii) compliance; (iii) treating customers fairly; and (iv) culture. The number of allegations involving consumer detriment also remained relatively high with 30 allegations for this period following 51 for the previous quarter.

Historically, only a small proportion of reports have led to significant action to mitigate harm (for example, enforcement action or a Skilled Person review). Indeed, the FCA confirmed in a Freedom of Information request response published in May 2022, that as at that date only approximately 5% of 2019 reports and around 4% of 2020 reports had led to significant action to mitigate harm. However, the FCA did state at that time that a number of disclosures for these periods remained under assessment and that those under assessment may still result in significant action being taken.

The FCA’s latest data can be found here.