Clifford Chance

New whistle blowing rules for the financial services sector

13 October 2015

Last week the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) published new whistleblowing rules that will apply to some firms in the banking and insurance sectors. The new rules will come into effect on 7 September 2016 and are intended to formalise good practice with a view to encouraging individuals to raise concerns about poor practices and behaviours. Although many in scope firms will already have existing whistleblowing procedures there will still be aspects of the new regime that they will need to address and incorporate into these procedures. The PRA and FCA's new rules are not identical; below we set out some of the key elements of the two regimes.

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