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.

RBC compliance whistleblower wins unfair dismissal case

RBC compliance whistleblower wins unfair dismissal case

Royal Bank of Canada’s former emerging markets forex trading boss has been found to have been unfairly dismissed, in a rare win for a City whistleblower.

An employment tribunal found that RBC treated John Banerjee in an ‘egregious’ manner after he repeatedly raised issues about the bank’s compliance procedures, reports the FT.

Banerjee, who is claiming several millions of pounds compensation after being fired from his +£1 million a year job, was branded a ‘blowhard’ by one senior manager and sacked in 2016, with the bank saying this was for bad timekeeping.

While the judge agreed that his unpunctuality was an annoyance, he said the bank had never warned him over it and was using it as a ‘pretext’ to get fire him.

Banerjee had written to senior managers on a number of occasions, complaining that the bank’s compliance protocol was merely a ‘box-ticking’ exercise.

He said most staff completed compliance checks remarkably quickly, particularly given he found the material given out often had broken links and other mistakes in it, with ‘most everyone just cuts out the long (dull) read and presses ‘Agree’’.  

The judge branded RBC’s whistleblower, which encourages legitimate concerns to be raised, ‘empty words’, but the bank has stood by its policies. It is also considering appealing the verdict, saying it ‘strongly’ disagrees with the tribunal’s verdict.

 

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: Altor's Towry graduates on launching a family business

Profile: Altor's Towry graduates on launching a family business

Altor Wealth Management was launched on of a shared vision to form a family-style company that would charge fairly and differently.

Wealth Manager on Twitter