Reference Case Number: FOI11535
Freedom of Information: Right to know request:
I refer to the FCAs statement in spring 2023 that it would change its approach to whistleblowers after a survey revealed "widespread dissatisfaction among those who alert the regulator to wrongdoing" as was reported in the media in May 2023. The survey had found that 15 of the 21 respondents said they were "extremely or somewhat dissatisfied". Only two respondents expressed any satisfaction.
Please provide:
1. How many of the 68 identified whistle-blowers were internal and how many were external whistle-blowers?
2. Provide the survey questions asked.
3. Provide the survey responses (I am obviously not seeking any personal data).
4. When was the FCA's "new approach" to whistleblowing (as noted in the media reports) drafted and finalised? And provide a copy of the new process.
5. Have any further surveys of FCA whistle-blowers been undertaken since spring 2023? If so, provide the relevant details.
FCA response:
We hold the information you requested, and we will respond to each question in turn.
For question 1, we can confirm that all those identified were external.
For question 2, in our whistleblowing survey we have published information on the questions asked here. However, to be helpful the specific survey questions asked can be found in Annex B below.
For question 3, as narrated above we have published information around the whistle-blower survey. Section 5 of this publication sets out our findings and includes detail on the responses received to the survey that we are able to provide. However, some questions have a free text box for the respondents to provide their response. We are unable to disclose these to you as we are of the view that making this information public at this stage would be likely to prejudice the exercise by the FCA of its regulatory functions under FSMA. The information is therefore exempt from disclosure under Section 31 (Law enforcement) of FOIA. For more information on why we are applying this exemption please see Annex C.
For question 4, our whistleblowing approach is subject to continuous improvement, and the survey report sets out the changes we are making in response to and in the context of the survey findings. We will be able to provide further commentary in due course.
Question 5, we can confirm that no further whistle-blower wide surveys have been undertaken since the Whistleblowing qualitative assessment survey 2022. However, as part of the findings of the 2021/22 survey we have considered how we can offer a greater level of feedback to external whistle-blowers reporting to the FCA.
During September 2023 we conducted a six-month pilot exercise asking Supervisors to collate and record details to support how they had assessed and resolved certain whistleblowing cases. Their responses were then transferred into a template letter/email response and provided to whistle-blowers when their case was closed. The pilot exercise closed in March 2024.
As part of the closure letter/email response, these whistle-blowers were asked for their views towards the feedback they had received. The questions asked can be seen in Annex D. Like with question 3 above, we are unable to disclose these responses to you as we are of the view that making this information public at this stage would be likely to prejudice the exercise by the FCA of its regulatory functions under FSMA. The information is therefore exempt from disclosure under Section 31 (Law enforcement) of FOIA. For more information on why we are applying this exemption please again see Annex C.
Further surveys are likely to be considered to evaluate any future changes to the FCA whistleblowing strategy.