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31 October 2012

City watchdog reports huge increase in whistleblowing

Whistleblowing at City banks has nearly quadrupled in the last year, but lawyers are still concerned over the protection that tipsters receive.

By James Barnes

More choosing to blow the whistle

The Financial Services Authority reported 3,733 calls from whistleblowers in the year to May – a 276 per cent increase on the previous 12 months.
The figures were obtained by forensic investigation group Kroll under the Freedom of Information Act, reports The Times newspaper.

New markets

Although Kroll suggest that tip-offs would continue to increase as companies push into new markets, lawyers have expressed concerns over the legal protection that is given to those who come forward.
Employees are currently only protected if their disclosures are deemed to be in the public interest.
Harriet Gaillard, a senior associate at London-based magic circle firm Freshfields Bruckhaus Deringer told the newspaper: ‘There is a real risk that an employee may be deterred from sticking his neck out… when he is unsure whether he is protected from dismissal or detriment for doing so.’

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