“A cultural shift is needed to believe the whistleblower”

Despite high-profile failures in the banking industry to operate robust whistleblowing procedures, the financial regulator has yet to show unequivocal support for those who risk their livelihoods to blow the whistle. By Hannah Laming and Miranda Ching.

Hannah Laming is a partner and Miranda Ching an associate at Peters & Peters, a law firm that specialises in business crime, commercial litigation, civil and criminal fraud, corporate compliance, along with asset tracing and recovery. Contact them on hlaming@petersandpeters.com and mching@petersandpeters.com.

Public concerns were recently raised in responseto the whistleblowing cases against Barclays plc and Royal Bank of Canada. With its strategy currently under the spotlight, how effective is the Financial Conduct Authority’s approach to whistleblowers? Can it only go so far without a cultural shift, combined with a move towards financially incentivising the whistleblower?