The FCA is legally required to publish an annual report on whistleblowing
Two thirds (65%) of complaints made by whistleblowers to the FCA last financial year included allegations related to compliance.
A total of 685 complaints received last year included a compliance element, according to the regulator’s annual whistleblowing report.
The other most common tip off areas were fitness and propriety (478), consumer detriment (385) and organisation culture (348).
A total of 209 whistleblowing complaints included allegations of failing to meet the regulatory requirements of the Consumer Duty.
The majority (67%) of whistleblowers provided their identity to the regulator, despite being able to make an anonymous report.
The number of whistleblowing reports received by the FCA is continuing to rise albeit slowly. There were 1,131 complaints made to the regulator between 1 April 2024 and 31 March 2025 compared to 1,124 the previous year.
During the latest period information provided by whistleblowers saw the FCA take direct action against firms 908 times.
Complaints made included pressure-selling and poor culture, mis-selling and lack of focus on Consumer Duty.
Just one whistleblowing report made during the year saw the regulator take significant action to manage harm. A group of whistleblowers raised concerns about a firm’s operations, client advice, growth plans and lack of Consumer Duty focus. Following enforcement action, the firm agreed to a section 166 review, which identified areas for improvement. The firm committed to implementing all recommendations made.
The regulator’s online reporting form remained the most popular method for submitting whistleblowing reports, with 545 reports made this way. IT has been the most used reporting method since first introduced in 2021.
The regulator’s annual whistleblowing report for 2024/25 acknowledged recent discussions around offering incentives to encourage whistleblowers to make reports.
The FCA said: “We have worked with other UK regulators, government departments, international partners and industry partners to understand the potential impact and implications that the introduction of incentivisation may have. We recognise the benefits a range of informants can provide in prosecuting criminal offences and we continue to engage actively with other agencies on how this type of intelligence may benefit us in the future.”
The FCA is legally required to publish an annual report on whistleblowing under the Prescribed Persons Regulations 2017.
