The number of reports submitted is also a 12% rise from the number of reports in the first quarter (Q1 2025: 281 reports).
Compliance continued to the be top source of whistleblowing complaints, with 63% of the reports in Q2 including allegations related to compliance, in line with the 65% of 2024 complaints.
The most common allegations reported by whistleblowers were compliance (199), fitness/propriety (162), culture of the organisation (147) and Consumer Duty (98).
Of the 315 new reports, 68% (213) were submitted by a whistleblower who chose to reveal their identity to the regulator.
The online reporting form remained the most commonly used method to submit whistleblowing reports to the regulator with 155 of the new reports submitted using it. Of the remaining reports 89 were submitted by email, 52 by telephone, 7 by letter, and 12 by another method.
The FCA closed 350 whistleblowing reports between April and June.
It took significant action to manage harm as the result of 8 reports (2%), this may include enforcement action, a section 166 skilled person report, or restricting a firm’s permissions or an individual’s approval.
It took action to reduce harm in a further 147 reports (42%), which may include writing to or visiting a firm, asking a firm for information, or asking a firm to attest to complying with its rules.
The regulator used 181 reports (52%) to inform its work, including harm prevention, but no direct action.
Just 11 reports (3%) were not considered indicative of harm.
The FCA report said: “The FCA are committed to ensuring all of our staff, all the way up to board level, are aware of how to appropriately handle whistleblowing matters. We provide guidance and mandatory training which reinforces the importance of protecting whistleblower confidentiality and understanding the internal processes for escalation.”
The FCA is legally required to publish an annual report on whistleblowing under the Prescribed Persons Regulations 2017.