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New Whistleblower Protections for Financial Institutions in Australia
As of July 1, 2019, new whistleblower protections have come into effect for financial institutions in Australia. These reforms aim to create a more secure environment for individuals to report suspected wrongdoing without fear of retaliation.
Background
The Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2019 received Royal Assent in March this year. This act introduces significant changes to whistleblower protections, including extending the scope of eligible whistleblowers and providing greater safeguards against retaliation.
Key Changes
- Eligibility: Whistleblowers are no longer limited to current employees but also include former workers, contractors, and their families.
- Protected disclosures: The reforms now extend to reports of misconduct that alleges breaches of financial sector laws and Commonwealth offenses punishable by imprisonment.
- Whistleblower rights: Individuals who suffer detriment as a result of reporting suspected wrongdoing can now access easier compensation and remedies.
- Company requirements: From January 2020, companies are required to have a whistleblower policy in place. This policy must outline the protections available to whistleblowers, how disclosures can be made, and how investigations will be handled.
Guidance and Resources
The Australian Securities and Investments Commission (ASIC) has released two information sheets to help individuals understand their rights under the new regime:
- Who is eligible for whistleblower protection?
- How ASIC handles reports of misconduct
ASIC has also published Regulatory Guide 270, which provides guidance on establishing a whistleblower policy that complies with legal obligations. The guide includes good practice advice on implementing and maintaining such policies.
Quotes
“We value the people from inside companies and organisations who come forward with concerns about potential misconduct,” said an ASIC spokesperson. “Whistleblowers play a crucial role in helping us enforce the laws we administer and address harm to consumers.”
Impact
The new whistleblower protections are seen as a major step forward in promoting ethical behavior within financial institutions and ensuring accountability for wrongdoing. With these changes in place, individuals can now feel more confident in reporting suspected misconduct without fear of retribution.
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