By: The Financial Times | Wednesday 3rd May 2017:
FCA pushes ahead with new regulations to try to clean up the City after scandals
UK branches of foreign banks will have to adhere to whistleblowing rules that allow staff to voice concerns to City watchdogs without having to tell their employers.
The rules were part of a package of measures finalised on Wednesday by the Financial Conduct Authority as it pushes ahead with tough new regulations to try to clean up the City after a series of scandals.
The FCA confirmed that overseas lenders with a British branch will be expected to inform UK-based staff that they can blow the whistle in confidence to the FCA or its sister regulator, the Bank of England’s Prudential Regulation Authority. But the watchdog resisted suggestions made during a consultation period that it incentivise whistleblowers through a US-style “bounty” system.
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