FCA Q2 2025 Whistleblowing Data: A Wake-Up Call for Firms
- Simon Roberts
- Aug 14
- 2 min read
The Financial Conduct Authority (FCA) has published its whistleblowing data for Q2 2025 (April–June), and the figures reveal a notable uptick in concerns raised by whistle-blowers:
The FCA received 315 new whistleblowing reports, up from 253 in Q2 2024 and 281 in Q1 2025.
These reports contained a total of 1,130 allegations—an increase in reporting intensity.
Of the cases closed during the quarter:
8 reports (2.3%) led to significant action, such as enforcement, skilled person reviews, or restriction of permissions.
147 reports (42%) prompted harm-reducing supervisory action—letters, visits, information requests, or attestations.
181 reports (52%) informed FCA work but didn't lead to immediate action.
Why These Numbers Matter
The year-on-year rise in whistleblowing activity signals growing internal concern across firms—especially in compliance, fitness and propriety, culture, or consumer detriment.
A small proportion of reports prompt significant action, but supervisory interventions remain common, underlining the regulatory lens on internal misconduct.
The fact that over half (52%) of closed reports informed internal FCA work signals that even less severe allegations can shape supervisory strategy and future enforcement.
What This Means for Firms: Key Takeaways
Whistleblowing Is Escalating: Increasing numbers of reports indicate heightened scrutiny—internal frameworks must be strong, accessible, and trusted.
More Insights, More Responsibility: Even reports that don't lead to direct action still contribute to FCA knowledge—firms must act proactively on issues flagged.
Culture and Governance Are Under the Spotlight: Allegations extend across organizational culture and fitness/propriety—compliance structures need to scan across governance, culture, and tone from the top.
Response Quality Matters: How a firm investigates, remediates, and learns from whistleblowing can influence supervisory outlook—even in the absence of enforcement.
How K2 Can Help You Ensure Your Whistleblowing Policies & Procedures are in Order
At K2 Regulatory Consultants, we believe that robust whistleblowing frameworks are fundamental to managing conduct risk and demonstrating regulatory maturity. Here’s how we can support you:
1. Whistleblowing Framework Review
We’ll assess whether your internal systems:
Promote easy, confidential reporting through multiple channels.
Offer protection and feedback to whistle-blowers.
Are aligned with FCA expectations and best practice.
2. Governance & Training
Ensure board oversight of whistleblowing is effective and visible.
Provide training for senior managers on handling disclosures, fostering open culture, and responding effectively.
3. Investigation & Reporting Protocols
Map out clear processes for triaging, investigating, escalating, and recording disclosures.
Align investigation standards with regulatory expectations for timeliness, fairness, and completeness.
4. Management Information & Insight
Build dashboards and MI that track report volumes, types, outcomes, and response timelines.
Periodically analyse trends to identify systemic weaknesses or training gaps.
5. Culture Assessment & Remediation
Conduct cultural diagnostics to evaluate psychological safety for whistle-blowers.
Develop action plans to address identified cultural or conduct risks proactively.
Bottom Line
The surge in whistleblowing reports—and the FCA’s responses—highlight that internal governance can no longer be passive. Regulators expect firms to:
Enable safe reporting channels.
Act on reports quickly and effectively.
Use insights to improve systems and training.
K2 Regulatory Consultants can help you build, test, and enhance a whistleblowing framework that not only protects your firm—but strengthens it.
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