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Encouraging whistleblowing
UK regulators have introduced new rules around whistleblowing, but will they actually make a difference? Alison Loveday tries to dispel her doubts.
The financial sector has suffered numerous blows to its reputation over the past few years. We can’t help but take notice of the scale of mis-selling scandals, fraudulent actions and insider trading stories hitting the headlines. Many of these stories have been triggered by whistleblowers – individuals who have, in many cases, risked their own reputations and professional relationships to uncover wrongdoings in their organisations.
Although these revelations have resulted in compensation for victims, the outcome for the whistleblowers has often been different. Many have lost their jobs and the trust of their peers, simply for ‘doing the right thing’, which can unfortunately discourage others from coming forward. But progress is slowly being made.