The number of whistleblowers contacting the FCA to alert the regulator to suspected wrong-doing fell sharply in the latest quarter, new data shows.

The number of new whistleblowing reports received by the watchdog between April and June was 253 compared to 300 in the same period last year and 298 in the previous quarter.

According to FCA whistle-blowing data released this week, the 253 reports received in the latest quarter contained 641 allegations in total, suggesting some whistleblowers are making more than one allegation.

Most whistleblowers provided their contact details but some 28% of reports were anonymous.

Many of the whistleblowing reports led to regulatory intervention, the FCA data showed.

The top 5 complained about areas were compliance (135 reports) followed by Fitness Propriety (92 reports), Culture of the Organisation (78 reports), Consumer Detriment (76 reports) and Systems and Controls (40 reports).

The FCA said it closed 382 whistleblowing reports between April and June 2024 including complaints made in early periods.

Analysing the reports it carried out:

• significant action to manage harm in 25 reports (7%) – this may include enforcement action, a section 166 skilled person report, or restricting a firm’s permissions or an individual’s approval
• action to reduce harm in 200 reports (52%) – including writing to or visiting a firm, asking a firm for information or asking a firm to attest to complying with FCA rules
• 133 reports (35%) informing the FCA’s work, including harm prevention, but with no direct action taken
• 13 reports (3%) not considered indicative of harm, but the information was recorded and will be available for future.