Britain’s Financial Conduct Authority recently published rules that require U.K. banks to appoint a senior manager to “champion” internal whistleblowing in an attempt to protect employees who come forward with crucial information about misconduct.
The FCA and Prudential Regulation Authority released the rules on Tuesday, which call on banks, building societies, and insurers to implement compliance mechanisms that will support whistleblowing and promote accountability. The senior manager who will oversee this process must be appointed by March—with the full set of rules to be implemented by September 2016.
