Financial Crime World

Whistleblower Protection in Finance Sector Gets Boost in Ireland

The Central Bank of Ireland has reaffirmed its commitment to safeguarding whistleblowers who report suspected wrongdoing within the financial sector. This effort is crucial to ensuring that regulated firms and individuals adhere to the law and prioritize the best interests of consumers.

Monitoring and Engagement

As part of this endeavor, the bank regularly monitors and engages with firms, conducting on-site inspections when necessary. A key tool used to determine whether a firm may require enhanced supervision or closer inspection is information received from whistleblowers – both internal reports and those submitted by members of the public.

Protected Disclosure Procedures

The Central Bank has established protected disclosure procedures, allowing individuals to report suspected wrongdoing anonymously or while still employed by the firm in question. These reports can constitute “protected disclosures,” which shield the identity of the whistleblower and provide other essential protections.

  • Reports can be made anonymously
  • Whistleblowers are protected even if the information provided turns out to be incorrect (as long as they had good reason to make the report)
  • The bank emphasizes that it cannot provide legal advice, urging individuals to consult a lawyer if unsure about their legal rights before making a disclosure

Reporting Suspected Wrongdoing

Individuals can report suspected wrongdoing by contacting the Central Bank through various channels:

  • Email: [email protected]
  • Telephone: 1800 130 014
  • Postal mail: Protected Disclosures Desk

The bank’s commitment to whistleblower protection is seen as a vital step in maintaining trust and confidence in the financial sector.

In related news, the Financial Services and Pensions Ombudsman (FSPO) has issued guidelines on protected disclosures, including whistleblowing and infringement reports. The FSPO provides an independent review of complaints against regulated firms and individuals.