The SRA argues that its Co-operation Agreement could aid in receiving information and assisting in investigations.
Among the agreements is the Whistleblowers Charter, which allows the Authority to co-operate with potential witnesses who are concerned about dismissal or sanction. Under the new proposal, whistleblowers would be responsible for fully disclosing whatever details about foul play they might have, and as a result of speaking up, may experience reduced sanctions.
Many lawyers believe that, if passed, these proposals could expedite the proceedings of investigations. New rules could also lead to an increase in whistleblowing, which saw a 276 per cent increase from last year, the Financial Services Authority recently reported.
‘We anticipate cases in which potential witnesses who are worried about their own position will be more likely to come forward if there is potential certainty of regulatory outcome for them and an element of leniency consistent with the public interest,’ said David Middleton, the SRA Director for Legal and Enforcement.