Financial watchdog encourages estate agency staff to ‘turn whistleblower’

first_imgThe Financial Conduct Authority has launched a long-overdue whistleblower campaign to encourage staff who work within FCA-regulated property industry companies to report wrongdoing.Thousands of estate agencies are FCA regulated in the UK usually because they have in-house mortgage broking teams.During 2019 the FCA received nearly 3,000 allegations of wrongdoing within companies.These involved cases of mis-selling, money laundering and unauthorised business. But many within the financial services community have claimed that the FCA has been dragging its feet  on whistleblowing and that ‘far more can be done’.In confidenceThe FCA says it wants to re-assure whistleblowers through its ‘In confidence, with confidence’ campaign that they can report wrongdoing in a safe environment and backed by the FCA’s enlarged team, which assigns each whistleblower a dedicated case worker.These measures are designed to ensure that whistleblower’ identities are protected , which can include the partners of agency employees as well as staff themselves, the FCA says.It has also reminded firms that they must have effective arrangements in place for employees to raise concerns, and to guarantee these concerns are handled appropriately and confidentially, including the appointment of a whistleblowers’ champion within the organisation.Mark Steward (pictured), Executive Director of Enforcement and Market Oversight at the FCA said: “We want all whistleblowers to feel welcomed by us and to feel safe because of us.“We listen to all whistleblowers and, if they shine a light on serious misconduct, we want to make sure we act responsibly. When whistleblowing works well it helps consumers, markets and firms and keeps everyone safe and that is our aim.”Read more about the FCA campaign.Read more about other whistleblower campaigns.whistleblower mis-selling Mark Steward Enforcement FCA FCA FCA mortgage rules Financial Conduct Authority financial services March 25, 2021Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Financial watchdog encourages estate agency staff to ‘turn whistleblower’ previous nextRegulation & LawFinancial watchdog encourages estate agency staff to ‘turn whistleblower’FCA has launched whistleblowing campaign aimed at regulated companies including many estate agencies who sell mortgages.Nigel Lewis25th March 20210583 Viewslast_img

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