Whistleblowing

Reporting a matter to the FSC in strict confidence

Whistleblowing has proved to be one of the most effective ways to detect and prevent malpractices within an organisation as witnessed in the cases of renowned corporate scandals. Whistleblowing can be made by any employees, clients, suppliers of an organisation or by any members of the public in general.

Whilst employees are the first to identify such malpractices, they are often reluctant to raise their voice for fear of retaliation and victimisation which can take the form of discrimination, demotion, dismissal, defamation action and/or court proceedings.  As such, the misconduct or wrongdoing remains uncovered and is perpetuated.

Hence, a protective legal environment has become crucial to encourage employees to report instances of malpractices while safeguarding their own interests.

With a view to encourage people to come forward with information on any suspected wrongdoing committed by licensees, falling under the activities/ area regulated by the FSC, section 45A of the Financial Services Act was introduced to provide legal protections to any whistleblower willing to make a disclosure in good faith to the FSC, without the fear of facing any act of retaliation or victimisation.