Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

FCA probes RBC whistleblower processes after trader fired

1 Comment
FCA probes RBC whistleblower processes after trader fired

The Financial Conduct Authority (FCA) is scrutinising whistleblower protections at Royal Bank of Canada, according to the Financial Times.

The move comes after former trader John Banerjee won his case for unfair dismissal against the bank last month. The regulator has been made aware of at least five more potentially similar cases.

The FT was told that RBC staff in London claim to have been dismissed without due process after highlighting legal and compliance problems, in cases spanning several years. 

The FCA declined to comment on the inquiries into RBC, but said in a statement: ‘Whistleblowers play an important role in exposing poor practice in firms and they have in the past few years contributed intelligence crucial to action taken against firms and individuals.

‘It is in the interests of the industry and regulators alike that wrongdoing is identified and addressed promptly. For individuals to have the confidence to come forward, it is vital that firms have in place adequate policies on dealing with whistleblowers and that a senior manager takes responsibility for overseeing these policies.’

In May an employment tribunal found that RBC treated John Banerjee in an ‘egregious’ manner after he repeatedly raised issues about the bank’s 'box-ticking' compliance procedures.

The FCA was recently criticised for not banning Barclays chief executive Jess Staley over his attempts to find out the identity of a whistleblower. He was fined £642,430 and while the FCA and the PRA said he ‘failed to act with due skill, care and diligence’, he kept his job. 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play CEO Tapes: dangerous data and great technology

CEO Tapes: dangerous data and great technology

In the third part of our latest series the debate turns to technology and the huge impact it is having on the fund management industry.

1 Comment Play Quilter CEO on IFAs, robos & his own DB transfer

Quilter CEO on IFAs, robos & his own DB transfer

In the final part of our interview with Paul Feeney, the Quilter chief executive declares that the government has 'left the ring' on savings policy, rounds on robo-advice, and reveals his own experience of the DB transfer market.

Play CEO Tapes: ESG - we need to get better at the 'G'

CEO Tapes: ESG - we need to get better at the 'G'

In the second part of our CEO series, we explore the burgeoning ESG concept with fund bosses outlining how they try to make a difference.

Read More
Wealth Manager on Twitter