AFME responds on whistleblowing

AFME (The Association for Financial Markets in Europe) has published its response to the FCA and PRA consultation papers on whistleblowing in UK branches of overseas banks. The FCA and PRA propose that UK branches of overseas banks tell their UK-based employees about the FCA and PRA whistleblowing services. Where a branch of an overseas bank sits alongside a UK-incorporated bank that is subject to UK whistleblowing rules, the UK-based staff of that branch should be informed of the subsidiary’s whistleblowing arrangements. The FCA and PRA do not propose to require UK branches of overseas banks to implement any of its other rules related to whistleblowing. However, the rules do represent good practice guidance for these firms which they should take into account.
AFME supports the idea of encouraging all employees to blow the whistle where they suspect misconduct, ensuring they know that their concerns will be considered properly and that it would be unlawful for there to be any personal repercussions against them as a result of them having blown the whistle on wrongdoing within their organisation.
Many of AFME’s members are already covered by whistleblowing regulations in their home jurisdictions, which are applied globally. Where this is not the case, they support the principle that firms should make employees aware of the FCA and PRA whistleblowing services.

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