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UK watchdog to improve approach to whistleblowing

The U.K.'s Financial Conduct Authority will improve its whistleblower processes and practices following complaints, the Financial Times reported Dec. 31, 2018.

The watchdog has faced criticism for failing to protect whistleblowers and for a perceived reluctance to prosecute on the basis of information supplied, according to the FT report.

The regulator was criticized in April 2018 for its lackluster response to the whistleblowing scandal at Barclays PLC. Before that, it was berated for revealing a whistleblower's identity to the Royal Bank of Scotland Group PLC in January 2018.

Whistleblower reports to the financial watchdog rose to a high of 1,360 in 2014 but despite the implementation of new roles in 2015, the number of reports recorded in 2017 stood at 1,047.

The FCA said it has reviewed its practices and is expected to present more details on the new policies in 2019, the FT reported.