New banking whistleblowing rules to increase accountability

New banking whistleblowing rules to increase accountability

The financial regulators (FCA and PRA) have responded to public demand for greater banking accountability with new whistleblowing rules.

These came into force on 7 September 2016 and apply to all employers who are banks, building societies and credit unions, as well as some investment and insurance firms. 

Speaking to HR Grapevine, Emilie Bennetts, Senior Associate at Charles Russell Speechlys, explained the new measures: “To comply with the new rules, relevant firms must have already appointed, trained and resourced their ‘Whistleblowers' Champion’. Firms must now also produce annual whistleblowers’ board reports and implement a new whistleblowing policy and process - backed up by updated employment contracts, training and information. This includes extending protection for those raising ‘any concerns’ to the firm or to the financial regulator, even if concerns are not about a suspected breach. This is much wider than the current legal protection.  

“The rules aim to encourage a culture where people can raise concerns without being ignored or punished. Regulatory reporting obligations and protections will trump other agreements, such as settlement agreements.  There is no regulatory duty to blow the whistle but there is increased liability for those that harm whistleblowers.

“For banks, the intention behind the rules is to promote change to a culture that discourages and intercepts problems before formal compliance steps are needed.  Many firms are finding it easy to adapt. Others are finding cultural change a much longer process.”

 

Read More

Dr Employer EXCLUSIVE: Embarrassing bodies star on the dangers of being 'always-on'

Recently, we spoke to Dr Christian Jessen, Doctor and...

HR Grapevine
HR Grapevine | Executive Grapevine International Ltd
Apple's pioneering new work campus nearing completion

Silicon Valley tech firms are widely-lauded for their...

HR Grapevine
HR Grapevine | Executive Grapevine International Ltd
Bill Gates wants to introduce tax for job-stealing robots

The robot revolution has already begun, and it’s...

HR Grapevine
HR Grapevine | Executive Grapevine International Ltd
Worker sent home for being 'too good-looking' - as research finds 'ugly' salary premium

Workplace sexism has been a media theme of late...

HR Grapevine
HR Grapevine | Executive Grapevine International Ltd
HR Dilemma: Will the traditional office become extinct?

With the increase in demand for flexible working and...

HR Grapevine
HR Grapevine | Executive Grapevine International Ltd
Are workplace sensors a good idea?

Everyone has those lull moments at work where we escape...

HR Grapevine
HR Grapevine | Executive Grapevine International Ltd

Guide to HR Technology

Guide to HR Technology 2016

Top Features

Register for FREE access.

* By registering you agree that you have read and agree to our Terms and Conditions and that Executive Grapevine International Ltd and its partners may contact you regarding relevant content and products.
HR Grapevine Magazine Latest Issue

Magazine Features