The number of whistleblowing reports rose by 15% (year-on-year) to 322 in the third quarter of this year.

For the same period in 2023 the FCA team received 280 reports.

The regulator received 253 whistleblowing reports in the second quarter of this year.

The majority of reports made in the third quarter were made via the FCA’s online reporting form (49%), with other reports being made via telephone (22%), email (18%) and letter (2%).

The 322 reports for the quarter contained 910 allegations in total. The most common allegations were compliance (197), fitness/propriety (122), and consumer detriment (119).

In its latest whistleblowing report, the regulator called on those who contacted it to make a report to provide them with an ongoing contact option to enable them to ask further questions and to keep individuals informed on how it can protect their identity whilst it carries out its investigation.

Between July and September, 66% of whistleblowers shared their identity with the FCA.

The FCA closed 530 whistleblowing reports between July in September, with significant action to manage harm taken following 28 of these reports. Action to reduce harm, such as visiting a firm or asking them for information, was taken in 251 (47%) of reports. Just 25 report (5%) saw no further action taken.

The regulator is currently consulting on controversial ‘name and shame’ proposals which it hopes will increase transparency and encourage whistleblowing.

Under the new proposals the FCA will publish announcements around some of the investigations it conducts into firms.

Earlier this week MPs and members of the House of Lords published a critical report on the FCA, branding the regulator ‘incompetent’.

The report called for the FCA to be overhauled and said the City watchdog is "too often failing" to perform its functions.

It said the FCA had failed to properly investigate and act on information provided by whistleblowers and it said a transformation programme undertaken by the regulator had "not worked."