LONDON (Reuters) – Britain’s markets regulator has been informed to apologise to a former Royal Bank of Scotland worker after it provided “unconvincing” arguments for why it revealed his identification to the financial institution in a whistleblower case in 2013.
The Financial Regulators Complaints Commissioner, which handles complaints in opposition to watchdogs, stated on Tuesday that the Financial Conduct Authority (FCA) had did not take ample care to ascertain whether or not the complainant had sought anonymity.
“I have found some of the FCA’s arguments unconvincing: they have sought to justify the disclosure (to the bank) through inferring reasons when there is no contemporaneous record to confirm it,” stated Complaints Commissioner Antony Townsend in a press release. But he stopped in need of ordering any compensation.
The choice anonymised the title of the financial institution and complainant. But Steve Middleton, a spokesman for former RBS worker Mark Wright, confirmed that the case involved Wright.
Wright has argued that the FCA mustn’t have disclosed his title to RBS in 2013, after he made a sequence of allegations in opposition to the financial institution, as a result of he had whistleblower safety.
Middleton welcomed the choice however informed Reuters that Wright had battled the regulator for a “disgraceful” 10 months to ascertain whistleblower ought to have the ability to stay nameless.
The FCA stated in a press release that it accepted the advice that it apologise.
But it famous that related workers on the time had been conscious that the complainant had authorised a parliamentarian to lift the case with the financial institution and that he had disseminated particulars and allegations to financial institution workers, senior administration, board members and public figures in 2012 and 2013.
It added: “The disclosure in question took place over four years ago and the FCA’s policies to support whistleblowing now reflect the Commissioner’s determination.”
A RBS spokeswoman stated the financial institution was conscious of the issues and that that they had been completely investigated and responded to. The financial institution has denied any wrongdoing.
Reporting by Kirstin Ridley; Editing by Alison Williams