Compliance Monitor
Covid-19 pressures will lead to more whistleblowing
Emboldened by increasing public acceptance andlegal protections, growing numbers of employees who encounter misconduct intheir work environment are willing to blow the whistle. And as recessionarypressures hit financial institutions, the potential for breaches will beheightened. Firms would be wise to ensure their whistleblowing procedures andtraining are up to the task, advises BambosTsiattalou.
Bambos Tsiattalouis the founding partner of Stokoe PartnershipSolicitors andspecialises in cases involving money laundering,confiscation, civil recovery and extradition matters. Contact him on btsiattalou@stokoepartnership.com.
The number of whistleblowing complaints madeto the Financial Conduct Authority has risen markedly over the past year. Reports
relating to breaches of standards ofprofessional behaviour rose by a remarkable 35 per cent. It’s also becoming clear that
employees in the financial sector arebecoming increasingly confident of protection when reporting wrongdoing. In2019, only
25 per cent of employees reporting to the FCA sought anonymity.