Syed Rahman of Rahman Ravelli summarises the report from the Financial Conduct Authority
The Financial Conduct Authority (FCA) closed 468 whistleblowing reports in the first quarter of this year.
In its whistleblowing quarterly data for 2025 Q1, the regulator says that no direct action was taken on 213 of the reports (45.5% of the total).
But the FCA did take “significant action’’ to manage harm in 12 reports (2.6%). Such a response can involve commissioning a Section 166 report (under the Financial Services and Markets Act 2000) to review a firm's activities in order to understand the issues involved and determine the appropriate course of action. It can also involve taking enforcement action or restricting a firm’s permissions or an individual’s approval.
The FCA also took other action to reduce harm in 192 reports (41%). Such action can include writing to or visiting a firm, asking a firm for information, or asking a firm to attest to complying with the FCA's rules. A total of 37 reports (7.9%) were not considered indicative of harm, with 14 reports (3%) classified as “other’’.
The first quarter of 2025 saw the FCA receive 281 new whistleblowing reports – slightly down on both the figure for the previous quarter (292) and for the same quarter last year (298).
