An internal investigation cleared Financial Conduct Authority (FCA) chair Ashley Alder of wrongdoing in handling a whistleblower complaint.
In August, it was reported that Alder had forwarded a whistleblower’s email, revealing their identity, contrary to FCA’s policy. While Alder “did not follow the [whistleblowing] policy to the letter,” his actions were aimed at ensuring “appropriate action was taken,” according to a report by FCA’s Senior Independent Director, Richard Lloyd.
The whistleblower, a former employee dismissed in 2021 for alleged misconduct, had lost an employment tribunal case and was appealing when the complaint arose. A second former employee later raised a similar concern about Alder’s handling of their disclosure. Alder stated, “I take our responsibilities to whistleblowers very seriously,” and explained he had acted in “unusual and complex cases” involving ex-employees. The FCA acknowledged that its policy generally protects anonymity, but may not guarantee it “where there is a legal duty on the FCA to involve others.”
The report noted that Alder believed the recipients of the forwarded emails were already aware of the information and sought their advice to ensure proper handling. The FCA had already been reviewing its whistleblowing policy, identifying parts as impractical, with revisions forthcoming.
Some legal experts questioned whether the FCA would hold other organizations to the same standards. Others defended Alder’s actions, suggesting the policy could include provisions for sharing identities confidentially with relevant advisers.
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