FCA receives record number of whistleblowing reports

The FCA received 315 new whistleblowing reports in Q2 this year, up from 281 in Q1 and 253 in the same quarter last year.

The regulator received the biggest proportion of new reports via its online reporting form.

The 315 reports it received this quarter contained 1,130 allegations in total.

68% chose to share their identity, with the remaining 32% choosing to remain anonymous.

The top allegations related to compliance (199 reports), fitness propriety (162), and culture of organisation (147).

The FCA recently extended its non-financial misconduct rules beyond banks to around 37,000 other regulated firms with Sarah Pritchard, the FCA's deputy chief executive, stating that "too often when we see problems in the market, there are cultural failings in firms".

Other allegations related to Consumer Duty (98), consumer detriment (80), systems and controls (64), and fraud (42).

The FCA also confirmed that it closed 350 whistleblowing reports between April and June 2025.

It says it took "significant action to manage harm" in 8 reports (2.3%) which can include enforcement action, a section 166 skilled person report, or restricting a firm’s permissions or an individual’s approval.

It took further action to reduce harm in 147 reports (42%) such as writing to or visiting a firm, asking a firm for information, or asking a firm to attest to complying with its rules.

181 reports (52%) informed the FCA's work, including harm prevention, but required no direct action.

11 reports (3.1%) were not considered indicative of harm, but the information was recorded and will be available for future reference.