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WHISTLEBLOWING: A whistlestop tour of new rules for regulated entities

08 July 2016  

New rules require banks and other financial institutions to put extra procedures in place encouraging staff to report concerns about the business, report Nick Howard and Ben Wright

In October 2015, regulators proposed a package of measures to formalise financial firms’ whistleblowing procedures. The measures were contained in a supervisory statement (SS39/15) and a policy statement (PS15/24) issued by the Prudential Regulation Authority (PRA). PS15/24 attached new rules to be included in the Senior management arrangements systems and controls sourcebook and the Prudential sourcebook for investment firms. While affected firms have until 7 September 2016 to comply with most of the new rules, 7 March 2016 was the deadline for appointing a whistleblowers’ champion.

 

Last modified on 11 July 2016