ao link
0 £0.00
This item was added to your basket
Credit Strategy homepage
Intelligence, Insight and community for responsible professionals in credit

Whistleblower reports to FCA rise 15%

The number of whistleblower reports to the regulator about activities which cause consumer detriment rose 15% from 161 to 185 last year, according to a City law firm’s study.

RPC said reports about financial firms’ activities can include those where customers are treated unfairly by a particular provider, or where they’re wrongly recommended/mis-sold a product or sold a product at an unfair price by a regulated adviser.


Amid increased regulatory action to prevent consumer detriment in debt collection, guarantor lending, equity release mortgages and buy-now, pay-later schemes, the Financial Conduct Authority (FCA) also launched a campaign on March 23 to encourage more whistleblower reports from industry bodies and consumers.


As part of this campaign, whistleblowers will receive optional updates on the FCA’s investigations into the problems identified they’ve identified. It has also involved the launch of mandatory training among financial firms to ensure that when staff issue a whistleblower report, their identities are protected, they’re enabled to do so early enough, and they can ensure the regulator deals with the report correctly.


Jonathan Cary, partner at RPC, said: “As part of the FCA’s response to criticism that it has been too slow to act against scandals like mini-bonds, it is going to take whistleblowing reports far more seriously and we expect to see more FCA investigations arising from whistleblower reports and an uptick in consumer redress schemes as a result.”


He added: “The rise in whistleblower reports shows greater engagement by the public in holding the financial services industry to account and the FCA is clear that consumer protection is still one of its key priorities. Following recent scandals, we expect the FCA to respond to the poor treatment of retail customers by issuing tougher fines.


“Firms looking to provide services to vulnerable retail customers can also expect more stringent checks before they are authorised.”


Please login to continue reading this article.

Not a member?

Become a member

FREE registration. No credit card required

Register now
  • Stay up-to-date with industry news and appointments
  • Hear about events first
  • Read 1 free Premium article per month

Become a premium member

From as little as £3.48 per week

Become Premium
  • All the perks of a standard member plus:
  • Access to the entire Credit Strategy website
  • 12 months subscription to Credit Strategy Magazine
  • 25% discount to all conferences
  • Exclusive access to Premium Member only roundtables
  • 50% off award entry fees



Company insolvencies up 71%

Company insolvencies up 71%

Government could offer struggling energy companies state-backed loans

Government could offer struggling energy companies state-backed loans

Monzo enters BNPL market

Monzo enters BNPL market

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback – an online news and information service for the UK’s commercial and consumer credit industry. is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group