This Policy Statement introduces our final rules on whistleblowing requirements for UK branches of foreign banks. It does not apply to UK branches of overseas insurers.
Individuals working for financial institutions may be reluctant to speak out about bad practice for fear of suffering personally as a result. Mechanisms within firms to encourage people to voice concerns – by, for example, offering confidentiality to those speaking up – can reassure whistleblowers.
The rules we introduced in October 2015 aim to encourage a culture in which individuals feel comfortable raising concerns and challenging poor practice and behaviour. Those rules complemented other initiatives to reform senior management arrangements and remuneration in the financial services industry.
We introduced rules in October 2015 to formalise for UK firms the generally good practice which already exists in the financial services industry. We are now publishing our final rules for UK branches of foreign banks.
This Policy Statement sets out final rules for UK branches of foreign banks.
Whistleblowing is a topic of wide public concern, although the details of the specific rules in this Policy Statement are unlikely to be of direct interest to consumers.