UK Insurers to appoint whistleblower manager
Friday, 10 09 2015, Category: Insurance and Reinsurance, Country: United Kingdom
UK banks and insurers must appoint a senior manager to “champion” internal whistleblowers as regulators attempt to protect tipsters who come forward with evidence of illegal conduct.
The U.K. Financial Conduct Authority and Prudential Regulation Authority published the rules Tuesday, which require banks, building societies and insurers to develop frameworks to better support whistleblowing. The senior manager in charge must be appointed by March and the full suite of rules implemented by September 2016.
Whistleblowers have increasingly been under the spotlight after a number of high-profile company and industry probes were sparked by internal tipsters.
Source: Insurance Journal