Regulatory expectations in relation to whistleblowing

Whistleblowing is a key topic for the FCA at the moment, and has been for several years. In September 2016, the FCA introduced new rules for banks and building societies relating to whistleblowers, including how employees should be trained about whistleblowing and how firms should handle whistleblowing through their internal processes and procedures.

Although the FCA has not formally announced the extension of its specific whistleblowing rules and guidance to FCA-only authorised firms, the FCA has nonetheless stated that these rules and guidance constitute ‘best practice’ for FCA-only authorised firms.

Members of Allen & Overy’s employment and regulatory teams will provide an overview of the FCA’s requirements relating to whistleblowing, what they mean in practice for investment management firms, as well as their experiences of dealing with whistleblowers both in the UK and overseas.

KEY LEARNING OBJECTIVES:

• Understand the FCA’s current focus on whistleblowing and, in particular, key areas of focus for the FCA.
• Explore what rules and guidance the FCA has put in place in relation to whistleblowing for banks and building societies, and how such rules and guidance may translate into ‘best practice’ for investment management firms.
• Discuss how approaches to whistleblowing may be relevant for the SM&CR more generally. For example, in relation to assessments of fitness and propriety.
• Identify the key employment law risks associated with whistleblowers, and how these risks may be effectively managed in practice.

IA Member £375.00 +VAT
Non-Member £450.00 +VAT

Pay using a credit card online, or if you wish to be invoiced please email your full details to: Training@theia.org

PLEASE NOTE: Full payment for the course must be made prior to the course commencement date.

Any cancellation must be made in writing. For all cancellation received 15-30 days prior to the course start date, 50% of the course fee is still payable. No refund is given for a cancellation made 14 days or less prior to the commencement of a course. Transferring from one course to another is treated as a cancellation. You can substitute one delegate for another at no additional cost. In this instance, please give two business days’ notice.

12:45 Networking lunch

• A sandwich lunch will be provided and an opportunity for you to network with the trainer and other delegates

13:15 An introduction to the FCA’s focus on whistleblowing

• Introductions
• Learning objectives
• How does the FCA view whistleblowing?
• What are the policy reasons new behind the FCA’s focus on whistleblowing?

13:30 The FCA’s requirements for banks and building societies relating to whistleblowing

• Cultural expectations in relation to whistleblowing.
• Employee education relating to whistleblowing.
• Management information in relation to whistleblowers.
• Interaction between whistleblowing and the Senior Managers and Certification Regime.

14:15 Translating the FCA’s requirements into practice for investment management firms

• Effectively embedding a culture of ‘speaking up’ within your firm.
• Following the ‘spirit’ of the FCA’s whistleblowing requirements for banks and building societies.

14:45 Tea/Coffee Break

15:15 Risks associated with managing whistleblowers in practice

• Insights into managing whistleblowers in practice.
• Key legal risks associated with whistleblowers.
• Practical ways to mitigate these risks.

15:45 An international perspective on whistleblowing

• Insights into other jurisdictions’ approaches to whistleblowing, in particular the approach taken by authorities in the United States.
• The impact that other jurisdictions’ approaches to whistleblowing can have on investment managers operating in the UK.

16:00 Summary

16:15 Close

This course is aimed at those working within investment management firms with responsibility for whistleblowing and, as a result, may be of particular interest to those working in HR.

Sarah Henchoz

Sarah is a Partner in Allen & Overy’s Employment practice. She leads Allen & Overy’s Senior Managers and Certification Regime (SM&CR) Working Group from an employment perspective. She advised a number of banks and building societies in relation to the implementation of the SM&CR, and is already instructed by a number of FCA-only authorised firms to provide advice in relation to their implementation projects. She has been involved both in SM&CR mapping and scoping exercises for financial institutions, as well as providing more detailed advice on employment issues arising from a variety of implementation and post-implementation challenges.

Working in conjunction with Allen & Overy’s regulatory team, Sarah has delivered a number of training sessions on the SM&CR issues. Sarah has also contributed to our market-leading publications on the SM&CR.

Sarah Hitchins

Sarah is a Senior Associate in our Banking, Finance and Regulatory Litigation Group. Sarah specialises in representing firms and individuals involved in financial services regulatory investigations and enforcement action in relation to a broad variety of wholesale, retail and financial crime issues. Sarah also advises financial institutions on a range of non-contentious issues, including compliance obligations and senior management accountability arrangements.

Sarah is a member of our Senior Managers and Certification Regime (SM&CR) Working Group and advised a number of banks and building societies in relation to the implementation of the SM&CR, as well as the litigation and regulatory enforcement risks associated with it. Sarah has also been advising a number of firms in relation to issues arising in relation to the new Regime post-implementation, such as fitness and propriety assessments, disciplinary processes and how the regulators may expect firms to operate the new Regime in practice. Sarah has also already been instructed by a number of FCA-only authorised firms to advise them in relation to their SM&CR implementation plans.

Sarah is the co-author of Allen & Overy’s market-leading publications on the SM&CR, and regularly speaks at client and industry-wide events on the SM&CR.

Sarah has completed a secondment to the Enforcement Division of the FSA (as it then was). In 2015, Sarah was selected by Global Investigations Review (GIR) as one of the top 100 women in investigations.