Prescribed Persons Annual Report 2022/23

The Financial Conduct Authority (FCA) has issued the annual Prescribed Persons (Reports on Disclosures of Information) Regulations 2017 Report 2022/2023. The report presents information on
– the number of whistleblowing reports the FCA received in the past reporting period (April 1, 2022 to March 31, 2023);
– the number of reports upon which the FCA initiated actions;
– the subsequent specific measures that were taken based on the reports; and
– the types of violations reported by whistleblowers.
In brief the following information was provided:
In the period from April 1, 2022, to March 31, 2023, the regulator received a total of 1,086 reports from whistleblowers with 2,743 separate allegations. These 1,086 reports have led to, among others,
– 6 cases of „Significant Actions“ which includes measures like enforcement actions, requiring a skilled person’s report, or imposing restrictions on firms or individuals to manage harm;
– 87 cases of action to reduce harm including communication with firms, information requests, or seeking compliance assurance;
– the dismissal of 34 cases as not relevant; and
– 808 cases still being under assessment where there is an ongoing review on the matter.
The allegations made by whistleblowers concerned the following key areas; a full list is provided in the report:
– compliance;
– fitness;
– organizational culture;
– treating customers fairly; and
– system and controls.
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The report also summarizes, as required by legislation, the FCA’s approach to whistleblowing. For details on such, please refer to the original document of the regulator.