15 October 2010
Whistleblowing 'should be rewarded financially'
Whistleblowing by workers to unveil illegal actions being undertaken by their employers should be rewarded in order to encourage greater exposure of fraud in the financial services sector.
That is the view of around two-thirds of the practitioners working in this area questioned during a survey conducted recently by the Chartered Institute for Securities & Investment (CISI).
According to the study, many professionals operating in the UK's fiscal sector believe that the country's lawmakers should follow the example set by the US, whereby whistleblowers who report financial wrongdoings to the American regulatory body are now entitled to 30 per cent of any fine exceeding $1 million (£623,000) imposed on their company.
Some 64 per cent of respondents indicated that they favour the adoption of that approach on this side of the Atlantic, with one telling CISI - which was formally created in October 2009 - that whistleblowers "need some compensation to offset the probable loss of their job".
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Posted by Cheryl Bennett