The Financial Conduct Authority (FCA) received a record 315 new whistleblowing reports between April and June 2025.
The surge highlights growing staff and public confidence in raising concerns about wrongdoing in the financial sector.
The number of reports represents a 25% increase on the 253 in the same period last year and a 12% rise from 281 in the first quarter of 2025.
The 315 reports contained a total of 1,130 allegations, with the most frequently reported issues relating to compliance (199), fitness and propriety (162), organisational culture (147), and Consumer Duty (98).
Other common allegations included consumer detriment, systems and controls, fraud, data security and senior managers regime breaches.
Of the whistleblowing reports closed in Q2, eight (2.3%) prompted significant action to manage harm, while 147 (42%) led to measures to reduce harm, such as firm visits, information requests, or compliance checks.
More than half of closed reports informed the FCA’s broader work, though no direct action was required.
Erin Sims, fraud risk services director at RSM UK, said the rise in whistleblowing reports “is a clear signal that more staff are choosing to speak up. It should also serve as a reminder for firms to review their whistleblowing procedures.”
She urged firms to strengthen their speak-up culture, particularly ahead of the ‘failure to prevent fraud’ offence coming into effect on 1 September.
Sims also noted forthcoming FCA rules on non-financial misconduct and anticipated extensions to whistleblowing protections, including for sexual harassment, reinforcing the need for concerns to be raised early and handled appropriately.
On whistleblower identity, the FCA stressed that it protects individuals’ confidentiality.
The regulator faced scrutiny last year after its chair, Ashley Adler, disclosed the identity of an internal whistleblower to other staff members. Adler was subsequently cleared of wrongdoing.
