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Home > Markets and Payments > SONIA whistleblowing
 

SONIA whistleblowing

​The Bank has established a whistleblowing mechanism in order to facilitate early awareness of potential misconduct or irregularities that may arise in relation to the SONIA interest rate benchmark.  Whistleblowing is when an employee reports suspected wrongdoing at work.  An employee can report things that are not right, are illegal or if anyone at work is neglecting their duties, including:

  • someone’s health and safety is in danger;
  • damage to the environment;
  • a criminal offence;
  • a person is not obeying the law; and/or
  • covering up wrongdoing.

Firms are encouraged to consider setting up appropriate internal procedures which will encourage workers with concerns in relation to the SONIA benchmark to blow the whistle.

If your employer does not have an internal whistleblowing procedure, or if you do not feel able to use it, then contact us on 0203 461 8703 during office hours. Alternatively, you can email us at SONIAwhistleblowing@bankofengland.co.uk or write to us at:

IAWB Team
PRA CCS
Bank of England
20 Moorgate
London EC2R 6DA

Legal protection of whistleblowers

Under UK whistleblowing legislation, workers who make “protected disclosures” enjoy certain protections against detrimental treatment by their employer.  While some types of disclosure to the Bank are automatically protected in this way (for example, certain disclosures in relation to payments systems, Scottish or Northern Irish banknotes or financial market infrastructure providers), disclosures in relation to SONIA are not currently automatically protected. 

However, a disclosure by a worker to a person other than his or her employer (such as the Bank) can be a protected disclosure if carried out using a procedure which the worker’s employer has authorised the individual to use.  If you are intending to make a disclosure to the Bank in relation to SONIA, you should consider reviewing your employer’s whistleblowing procedures or consulting your workplace’s whistleblowing champion (if any) to determine whether your employer has authorised disclosure to the Bank. 

Whistleblowing to the FCA in relation to misconduct continues be treated as a protected disclosure.  If you would prefer to whistleblow to the FCA, you can contact the FCA on 020 7066 9200 during office hours.   Alternatively, you can email the FCA at whistle@fca.org.uk or write to the FCA at:

Intelligence Department (Ref PIDA)
The Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

Note that the above is not a comprehensive statement of the law on whistleblowing.  If you are in doubt as to your legal position, consider obtaining independent legal advice.  Further guidance is also available on the Government’s website.

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