Whistleblowers make 2,754 separate allegations of financial misconduct to FCA

Around £190m in financial penalties had been handed out

Pedro Gonçalves
clock • 2 min read

A total of 2,754 separate allegations of misconduct, including fraud, money laundering and compliance complaints have been logged with the Financial Conduct Authority (FCA), with 184 individuals and firms currently under investigation for carrying out unauthorised business.

The data from the FCA's newly published Annual Report and Accounts 2020/21, analysed by a Parliament Street think tank, details the allegations, which were provided by a total of 1,046 whistleblowers in the last 12 months. The total number of whistleblowing reports is a small reduction compared to the 1,100 reports in 2019/20, and, this year, 15 led to "significant action" to mitigate harm, which may have included enforcement action. In a further 135 cases, they took "action" to mitigate harm, which included writing to or visiting a firm, requesting further information, or asking a fi...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on Regulation

FCA eyes new consumer protection rules for product providers and distributors

FCA sets out plans for a new Consumer Duty

Pedro Gonçalves
clock 14 May 2021 • 4 min read

Ninety One AoV: Nearly a third of funds do not offer value to investors

Two UK funds among those questioned

James Baxter-Derrington
clock 10 August 2020 • 2 min read

FCA grilled platforms on asset freezes in March before Woodford saga

Consulted on fund illiquidity

Tom Ellis
clock 17 June 2019 • 2 min read