The UK Financial Conduct Authority (FCA) has revised its internal whistleblower policy following criticism regarding its handling of employee complaints, as reported by the Financial Times.
Earlier this year, FCA Chair Ashley Alder faced scrutiny for revealing the identities of two whistleblowers. While the FCA's internal review into the matter determined that Alder's actions "did not follow the [whistleblowing] policy to the letter," it found that his conduct was aimed at ensuring "appropriate action was taken" and cleared him of wrongdoing. The FCA said at that time that it had already been reviewing its whistleblower policy, and that revisions would be forthcoming.
The new policy will more clearly define how information concerning a whistleblower complaint can be shared internally to ensure that the Chair and other board members can seek advice while maintaining confidentiality. It also aims to make the whistleblowing system easier for employees to use. "We're committed to a culture where people are confident to raise concerns and challenge poor practice and behaviour," the FCA said.
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