FCA Whistleblowing Data Q2 2025: A Sharp Rise in Reports

On 13 August 2025, the Financial Conduct Authority (FCA) released its latest quarterly whistleblowing data covering April to June 2025. The figures reveal a notable increase in reports, underscoring the continuing importance of whistleblowing as a regulatory and cultural barometer for UK financial services firms.

In Q2 2025, the FCA received 315 whistleblowing disclosures – up from 253 in the same quarter last year. These disclosures contained 1,130 separate allegations, with the most common themes being:

• Fitness and propriety of staff

• Compliance with FCA rules

• Concerns linked to Consumer Duty obligations

This upward trend signals a growing willingness of individuals to speak up, as well as heightened regulatory reliance on whistleblowing as a source of supervisory intelligence.

Why This Matters for Firms

The FCA has consistently emphasised the role whistleblowing plays in its ability to identify and act on misconduct. Firms should view this latest data as a clear reminder that:

• Culture is under the microscope: Nearly half of whistleblowing reports relate to senior managers or directors, aligning with broader FCA findings around accountability and “tone from the top.”

• Consumer Duty is a live driver of reports: Allegations tied to poor outcomes for retail customers feature prominently, showing how whistleblowing is being used as a channel to test firms’ compliance with the Duty.

• Governance gaps get exposed: Many reports highlight conflicts of interest, poor oversight, and failures to follow internal procedures – areas firms often underestimate until escalated externally.

Practical Steps for Firms

Firms should consider the following actions in light of the FCA’s latest statistics:

1. Revisit whistleblowing frameworks – Ensure policies are up to date, accessible, and well-communicated to staff and contractors.

2. Strengthen training – Reinforce that speaking up is safe, confidential, and valued, with particular emphasis on senior staff leading by example.

3. Use whistleblowing as an early-warning system – Analyse internal reports for trends before they escalate into FCA disclosures.

4. Link to Consumer Duty – Align whistleblowing oversight with Duty-related governance, making sure issues raised feed into MI presented to the Board.

   
   

Conclusion

The rise in whistleblowing reports should not be viewed as a threat but as an opportunity. For firms that embed whistleblowing into their governance and cultural frameworks, these disclosures offer invaluable insight into emerging risks before they crystallise.

As the FCA’s Q2 2025 data shows, whistleblowing is fast becoming a frontline indicator of compliance and culture. The question for firms is whether they are listening.