The new rules also require that the wording in employment and settlement agreements does not deter staff from whistleblowing. Settlement agreements must include a term that makes clear that nothing in the agreement prevents the worker from making a protected disclosure, and must not include any warranties in which employees are asked to confirm that they have not made a protected disclosure and that they do not know of any information which could lead to them making a protected disclosure.
Firms will also be required to prepare a report on whistleblowing and present this to the Board annually, and will be required to notify the regulator where an employment tribunal finds in favour of a whistleblower in some cases.
The new rules are designed to encourage a culture were individuals feel able to raise concerns and challenge poor practice and behaviour. According to FCA figures there has been a 28 percent increase in whistleblowing disclosures made for the financial year 2014/15 to the previous financial year.