FCA chair cleared in whistleblowing case

Financial Conduct Authority (FCA) chairman Ashley Alder has been cleared of wrongdoing following an investigation into his handling of a whistleblower complaint. A former FCA employee last month claimed that Mr Alder failed to keep their identity secret, with a second former employee making a similar claim shortly after. However, an internal review led by senior independent director Richard Lloyd found that while Mr Alder did not follow the watchdog’s policies “to the letter… he had sought to ensure the concerns raised, if appropriate, were acted on.” Mr Lloyd has recommended steps to strengthen the FCA’s internal whistleblowing policy, by making clear that some communication may need to be shared internally on a confidential ‘need to know’ basis so it can be reviewed fully.