The QFC Regulatory Authority places requirements on authorised firms to operate a protected reporting (often referred to as “whistleblowing”) framework designed to be an important tool for identifying wrongdoing by QFC authorised firms or persons connected with such firms.
The protected reporting framework provides for protected reports to be made to either an independent function within the relevant authorised firm or to the QFC Regulatory Authority.
The framework provides appropriate mechanisms for confidentiality, anonymity and protection for persons making reports.
A protected report can be made to the Regulatory Authority if:
It is made in good faith, that is, the individual must believe on reasonable grounds that the report is true.
It is about an authorised firm or person connected with an authorised firm.
It gives information that any of the following has happened, is happening or is likely to happen:
a. A criminal offence
b. A breach of law, regulations, rules, requirements
c. The endangering of the health and safety of an individual
d. A breach of an authorised firm’s policies and procedures (including, for example, a breach of any code of conduct or policy in relation to ethical behaviour)
e. A deliberate concealment of any of (a) to (d).
Protected reports can be made on a confidential basis to the QFC Regulatory Authority by submitting the Whistleblowing e-form.