These exposed the involvement of banks in such colourful activities as Libor manipulation, tax evasion, mortgage fraud and money laundering. These revelations were extraordinary, and even to those who had spent all of their careers in the sector, unimaginable.
In an attempt to avoid a repeat of 2008, the Parliamentary Commission on Banking Standards (PCBS) was established in 2012. The report they produced the following year, “Changing Banking for Good”, identified that whistleblowing complaints were rare and there were inadequate levels of protection for whistleblowers.
The PCBS went on to make wide ranging recommendations to promote better handling of whistleblowing complaints in banks and encourage people to raise their concerns. These recommendations are the source of the whistleblowing rules coming into force today.
Whilst the new rules are currently only mandatory for banks, if you work in any regulated business, these rules will apply to you by 2018. The regulators are also encouraging every regulated businesses to voluntarily comply with the rules now.