The Prescribed Persons (Reports on Disclosures of Information) Regulations 2017 – Annual Report 2022/23

The Bank of England and its Prudential Regulation Authority (PRA) have 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 (subsequently also called „disclosures“) they have received in the past reporting period (April 1, 2022 to March 31, 2023); and
– the subsequent actions that were taken based on the reports.
In brief the following information was provided:
In the period from April 1, 2022, to March 31, 2023, the regulators received a total of 197 reports from whistleblowers, 189 of which were to be treated as protected under the Employment Rights Act 1996 (protection for workers blowing the whistle on their employers).
All disclosures, both protected and non-protected, were shared with supervisory colleagues for assessment or informational purposes. Of the 189 protected reports, 145 originated from the Financial Conduct Authority (FCA), 40 were shared with both the PRA and FCA, and four were shared only with the PRA.
Three of the whistleblower reports issues led to „significant regulatory or supervisory activities“, nine provided valuable prudential intelligence, 107 offered intelligence for future reference, but were not actionable at the moment, and 70 disclosures are currently undergoing ongoing supervisory assessment.