The PRA's approach to whistleblowing
We encourage firms to consider setting up appropriate internal procedures that will encourage workers with concerns to blow the whistle. It is our policy to encourage whistleblowers to use the procedures in their own workplace, but they may contact us instead if they think their employer:
- will cover it up
- would treat them unfairly if they complained
- hasn’t sorted it out and they’ve already told them.
Who should contact the PRA about whistleblowing?
- Individuals who work in the financial services industry who have concerns about their employer or other firms or individuals and who want to know more about blowing the whistle.
- Firms and individuals who want to understand more about our guidance, policy and procedures on whistleblowing.
How do I blow the whistle?
We would encourage you first to use the whistleblowing procedures in your workplace. If there aren't any or if you don't feel able to do so, then contact us on +44 (0)203 461 8703 during office hours. Alternatively, you can email us at PRAwhistleblowing@bankofengland.co.uk or write to us at: Confidential reporting (whistleblowing), PRA, 20 Moorgate, London EC2R 6DA.
Please note: we record all calls and do so to ensure we have captured all the information correctly. If a caller asks us not to record the conversation we will respect their wishes. We expect the vast majority of information provided by whistleblowers to be provided in writing, even if initial contact is made by telephone. We occasionally hold interviews with whistleblowers, which are usually attended by a minimum of two PRA staff.
What happens once I have blown the whistle?
When whistleblowers first contact us we will explain that we will be unable to supply any more than very limited feedback to them about the outcome of the provision and investigation of information. In many cases, statutory restrictions on the disclosure of information we obtain in the course of exercising our functions are likely to prevent such disclosure.
The information will usually be put into a report, which is saved on an intelligence database with limited access arrangements. Reports are clearly marked as related to a whistleblower's disclosure. The whistleblower may or may not be identified in the report. This marking system should help alert the limited PRA staff who can access the database to the fact that neither the information, nor the whistleblower's identity, should be disclosed internally or externally without reference to the PRA whistleblowing team.
Our expectations of whistleblowers
We do not encourage whistleblowers to proactively obtain any further information from any source, whatever the circumstances, as this action might infringe the law. However whistleblowers may be asked to clarify the information they have already provided to us (or other organisations).
Financial incentives for whistleblowers
Further to the final report of the Parliamentary Commission on Banking Standards, ‘Changing banking for good (published in June 2013), the PRA and the Financial Conduct Authority (FCA) agreed to conduct further research into the impact of financial incentives on encouraging whistleblowing in the US, working with the Treasury and the Department for Business, Innovation and Skills, and to publish the conclusions.
On 30 July 2014, the PRA and FCA published their conclusions on financial incentives for whistleblowers. In summary, both regulators considered that providing financial incentives to whistleblowers would not encourage whistleblowing or significantly increase integrity and transparency in financial markets.
Note on financial incentives for whistleblowers
Legal advice for whistleblowers
We cannot give legal advice to a whistleblower. Whistleblowers may wish to take legal advice from a lawyer at their own expense. Alternatively, they can contact Public Concern at Work, an independent charity that gives free, legal and confidential advice.