Whistleblowing continues to provide a vital role in uncovering wrongdoing in the financial services sector. The latest FCA development in this area is its Prescribed Persons Annual Report 2024/25, which was published on 24 June 2025. This report contains an update on the FCA’s whistleblowing data, as well as a summary of the FCA’s recent updates to its whistleblowing approach.

  1. Whistleblowing data

In terms of whistleblowing data from 2024/25, the report highlights that:

  • Between 1 April 2024 and 31 March 2025, the FCA received and assessed 1,131 new whistleblowing reports (up from 1,124 whistleblowing reports in 2023/4).
  • Reports covered a wide range of issues, with the top ten allegations reported being: (i) compliance; (ii) fitness and propriety; (iii) consumer detriment; (iv) culture of organisation; (v) consumer duty; (vi) systems and controls; (vii) fraud; (viii) data security; (ix); unauthorised business; and (x) FSMA. Of note, data security and FSMA are new categories in the top ten for 2024/25 (last year instead treating customers fairly and anti-money laundering had been in the top ten).
  • Since its introduction in 2021, the webform has become the most used reporting method.
  • Information provided by whistleblowers enabled the FCA to take direct action against firms 908 times.
  1. Whistleblowing approach

In addition to the data, the report describes the updates that the FCA has made to its whistleblowing approach:

  1. Enhanced final feedback: The FCA has improved the feedback it provides to whistleblowers after completing its reviews. This enhanced feedback comes in the form of a letter detailing the steps the FCA took – or did not take – and the reasons why, while complying with legislative restrictions on confidential information.
  2. Webpage update: The FCA has updated its webpage to make it easier for whistleblowers to find the guidance they need to submit a report. It has also clarified its remit to ensure efficient support for those seeking the FCA’s assistance.
  3. Incentivisation and reward: The report notes that in recent months there has been public discussion on offering incentives to whistleblowers. The FCA has worked with other UK regulators, government departments, international partners and industry partners to understand the potential impact and implications that the introduction of incentivisation may have. The FCA states that it will continue to engage actively with other agencies on how this type of intelligence may benefit it in the future.

Please see here for our briefing on key practical steps to manage whistleblowing reports.