The number of whistleblowing reports made to the Financial Conduct Authority dipped in the fourth quarter of 2024.

There were 292 new whistleblowing reports made between October and December 2024, in comparison to 322 reports made during the previous quarter, according to the latest whistleblowing report from the FCA.

However, the number of reports made remained higher than the fourth quarter of 2023 when 248 were received.

The 292 reports made in Q4 2024 contained 852 allegations related to compliance (172), fitness and propriety (121), organisational culture (93), consumer detriment (67), Consumer Duty (53), systems and controls (49) and fraud (44). There were also 35 reports of unauthorised business operations.

The most popular method of contact for whistleblowing reports made in Q4 2024 was the online reporting form (134), followed by email (68) and telephone (62). Four reports were made via letter.

Of the reports received by the regulator during the quarter, 70% of those making the report provided the regulator with their contact details.

During the quarter the regulator closed more reports than it received, with 388 whistleblowing reports closed during the three months ending 2024. The regulator took significant action to manage harm in 15 reports (4%). This may include enforcement action, a section 166 skilled person report, or restricting a firm’s permissions or an individual’s approval.

It took action to reduce harm in an additional 178 reports (46%). This include visiting a firm, asking a firm for information, or asking a firm to attest to complying with FCA rules.

An additional 155 reports saw no direct action taken against the firm/individual but “informed” the regulator’s work.