Number of whistleblowing reports to FCA fell in final quarter of 2024

The FCA has published its quarterly whistleblowing data, revealing that in Q4 of 2024 the regulator received 292 whistleblowing reports between October and December 2024, containing 852 allegations.

The data reveals the number of reports received in Q4 2024 decreased from the 322 reports made during the previous quarter. However, this is still an increase compared to the same period in 2023, when it received 248.

Of the 292 reports the received between October and December 2024, 134 came from an online reporting form, followed by email (68) and telephone (62).

There were 852 allegations of wrongdoing made, with the most reported allegation being compliance at 172 reports.

Among the reports were allegations related to fitness propriety (121), organisational culture (93), customer detriment (67), consumer duty (53), fraud (44) and unauthorised business (35). There were also 35 reports of unauthorised business operations.

According to the data, 30 per cent of whistleblowers remained anonymous while 70 per cent shared their identity.

During the quarter the FCA also closed 388 whistleblowing reports- more than it received. The regulator also took “significant” action to manage harm in 15 (4%) of those reports. This may include enforcement action, a section 166 skilled person report, or restricting a firm’s permissions or an individual’s approval.

It also acted in 178 (46%) reports to reduce harm; this may include writing to or visiting a firm, asking a firm for information, or asking a firm to attest to complying to the FCA’s rules.

An additional 155 reports saw no direct action taken against the firm/individual, though this “informed” the regulator’s work.