Reference Case Number: FOI8583
Freedom of Information: Right to know request:
The FCA has confirmed that Covid-specific whistleblower allegations led it to take the below action in 2020:
"In 2 cases, we took significant action to mitigate harm – this may include enforcement action, an section 166 review, or variation of permissions."
For these cases: I am requesting a sub-sector specific list detailing which types of firms (for example retail investments, general insurance, wholesale financial markets), and specifically how many instances per sub-sector/firm type, the FCA took significant action against based on the whistleblower allegations.
Also for 2020 the regulator has confirmed:
"In 12 cases, we took action to mitigate harm – this may include writing to or visiting a firm, requesting information from a firm, or asking a firm to attest to compliance with our rules."
For these cases: I am requesting a sub-sector specific list detailing which types of firms (for example retail investments, general insurance, wholesale financial markets), and specifically how many instances per sub-sector/firm type, the FCA took action to mitigate harm (but not deemed as significant action) against based on the whistleblower allegations.
And for 2020 and 2021 the regulator has confirmed:
"6 cases helped to inform our work and were relevant to the prevention of harm but did not lead to any specific action." (2020)
"3 cases helped to inform our work and were relevant to the prevention of harm but did not lead to any specific action." (2021)
For these cases: I am requesting a sub-sector specific list detailing which types of firms (for example retail investments, general insurance, wholesale financial markets), and specifically how many instances per sub-sector/firm type, the FCA used cases on to inform its work on prevention of harm but did not take specific action on based on the whistleblower allegations. I am requesting that the year each case was brought is indicated.
30 cases were still being assessed as of March 2021, the regulator has confirmed.
For these cases: I am requesting a sub-sector specific list detailing which types of firms (for example retail investments, general insurance, wholesale financial markets), and specifically how many instances per sub-sector/firm type, the FCA continues to investigate as regards the whistleblower allegations.
I am requesting this information for the specified time periods above (2020/21). However, if there are now additional cases since March 2021 where action was taken, is pending or the FCA's work has been informed by then I would request that this information is included in the same format as above.
Insofar as it does not jeopardise this request - Where significant action was taken, I am requesting the average time in days taken between the whistleblower complaint and the action being taken.
And again insofar as it does not jeopardise this request – Where action was taken to mitigate harm (but not deemed as serious action) I am requesting the average time in days between the whistleblower complaint being made and the action being taken.
FCA response:
1. The FCA has confirmed that Covid-specific whistleblower allegations led it to take the below action in 2020:
“In 2 cases, we took significant action to mitigate harm – this may include enforcement action, a section 166 review, or variation of permissions.”
For these cases: I am requesting a sub-sector specific list detailing which types of firms (for example retail investments, general insurance, wholesale financial markets), and specifically how many instances per sub-sector/firm type, the FCA took significant action against based on the whistleblower allegations.
|
Type of firm |
Number of instances |
|---|---|
|
Wholesale Financial Markets |
2 |
2. Also for 2020 the regulator has confirmed:
“In 12 cases, we took action to mitigate harm – this may include writing to or visiting a firm, requesting information from a firm, or asking a firm to attest to compliance with our rules.”
For these cases: I am requesting a sub-sector specific list detailing which types of firms (for example retail investments, general insurance, wholesale financial markets), and specifically how many instances per sub-sector/firm type, the FCA took action to mitigate harm (but not deemed as significant action) against based on the whistleblower allegations.
|
Type of firm |
Number of instances |
|---|---|
|
Retail Banking |
1 |
|
Retail Lending |
3 |
|
Pensions& Retirement Income |
1 |
|
General Insurance & Protection |
4 |
|
Investment Management |
1 |
|
Wholesale Financial Markets |
2 |
|
Total |
12 |
3. And for 2020 and 2021 the regulator has confirmed:
“6 cases helped to inform our work and were relevant to the prevention of harm but did not lead to any specific action.” (2020)
“3 cases helped to inform our work and were relevant to the prevention of harm but did not lead to any specific action.” (2021)
For these cases: I am requesting a sub-sector specific list detailing which types of firms (for example retail investments, general insurance, wholesale financial markets), and specifically how many instances per sub-sector/firm type, the FCA used cases on to inform its work on prevention of harm but did not take specific action on based on the whistleblower allegations. I am requesting that the year each case was brought is indicated.
|
Type of firm |
Number of instances |
|
|---|---|---|
|
2020 |
2021 |
|
|
Retail Banking |
1 |
0 |
|
Retail Lending |
2 |
1 |
|
Retail Investments |
1 |
0 |
|
General Insurance & Protection |
2 |
0 |
|
Investment Management |
0 |
1 |
|
Wholesale Financial Markets |
0 |
1 |
|
Total |
6 |
3 |
4. 30 cases were still being assessed as of March 2021, the regulator has confirmed.
For these cases: I am requesting a sub-sector specific list detailing which types of firms (for example retail investments, general insurance, wholesale financial markets), and specifically how many instances per sub-sector/firm type, the FCA continues to investigate as regards the whistleblower allegations.
|
Type of firm |
Number of instances |
|---|---|
|
Retail Banking |
5 |
|
Retail Lending |
7 |
|
Retail Investments |
7 |
|
General Insurance & Protection |
4 |
|
Investment Management |
1 |
|
Wholesale Financial Markets |
5 |
|
Consumer Investments |
1 |
|
Total |
30 |
5. I am requesting this information for the specified time periods above (2020/21). However, if there are now additional cases since March 2021 where action was taken, is pending or the FCA's work has been informed by then I would request that this information is included in the same format as above.
We have received 21 cases that contain a ‘Covid’ linked allegation from April – Sept, the list below references the sector types.
|
Type of firm |
Number of instances for the period April – Sept 2021 |
|---|---|
|
Mutuals |
1 |
|
Retail Investments |
4 |
|
Retail Lending |
12 |
|
General Insurance & Protection |
2 |
|
Asset Management |
2 |
|
Total |
21 |
6. Insofar as it does not jeopardise this request - Where significant action was taken, I am requesting the average time in days taken between the whistleblower complaint and the action being taken.
7. And again insofar as it does not jeopardise this request – Where action was taken to mitigate harm (but not deemed as serious action) I am requesting the average time in days between the whistleblower complaint being made and the action being taken.
We are unable to produce the data to answer these questions within the FOIA time limit. As you have indicated that you only wish these points to be considered if they do not jeopardise the request, we have not considered these points.
However, by way of context, we can confirm that when a new whistleblowing case is received it is allocated to the most relevant area of the FCA to consider and assess the allegations. Throughout the assessment of the case our teams may take action or significant action at different times before the decision is made to close the case.