Ashley Alder, chair of the FCA, has been accused of disclosing the identity of an internal whistleblower, contravening the regulator’s policy designed to protect such identities.
According to a report by the Financial Times, Alder allegedly forwarded emails that included the whistleblower’s name, address, and complaints. The concerns in question were raised by a former employee, dismissed in 2021 for alleged misconduct, regarding unclear hiring practices.
The FCA has initiated a second internal audit related to this whistleblower to review its processes for determining whether allegations of misconduct warrant a formal internal investigation.
In December, emails were sent to Alder and Liam Coleman, the FCA’s whistleblowing champion, after the former employee felt that their concerns, raised through a whistleblower hotline, were inadequately addressed. The FCA did not confirm whether other staff members who accessed the complaint, aside from Alder and Coleman, were involved in the official whistleblowing team.
The whistleblower’s emails included the notation “PRIVATE — FOR THE ADDRESSEE ONLY,” highlighting the FCA’s anonymity policies. The whistleblower expressed feelings of being “angry, stunned and speechless” about the emails being forwarded, criticizing the FCA for a lack of competence.
An FCA spokesperson stated that they would not comment on the matter due to ongoing proceedings related to the individual’s employment tribunal.