Relevant firms in the UK have until March 7, 2016 to appoint a “whistleblowers’ champion,” who then has until September 7, 2016 to oversee their firm’s readiness for the new whistleblowing regime.
The new whistleblowing regime: why make the change?
Since the 2013 Parliamentary Commission on Banking Standards recommendations were published in the UK, the Financial Conduct Authority (“FCA”) has been examining ways to ensure that individuals working in financial services feel able and encouraged to speak up when they have concerns to avoid the same financial scandals of the past.