Whistleblower Protection Remains Elusive in Poland’s Financial Institutions Two Years After Deadline

As the European Union marks the second anniversary since the deadline for implementing whistleblower protection directives, Poland remains one of two countries yet to comply with the regulations. The country’s financial institutions are still struggling to establish a robust whistleblowing system, hampered by societal stigma and lack of effective implementation.

Progress Made, But More Needs to be Done

While Poland has made some progress in introducing whistleblowing procedures, particularly in banking and aviation laws, much more needs to be done to ensure the protection of whistleblowers. For instance:

• The Banking Law requires banks to have an anonymous reporting procedure for management board members.
• The Aviation Law allows voluntary whistleblowing with immunity from employer liability.

Challenges and Controversy

However, the history of implementation drafts has been marked by controversy and confusion. The latest draft, published in August 2023, introduced a whistleblower status certificate, which critics argue will only serve to further complicate the process. Under this proposal, whistleblowers will be required to declare the truth of their claims under penalty of perjury before receiving protection against retaliation.

Experts Weigh In

Despite these challenges, experts agree that establishing an effective and transparent whistleblowing system is crucial for Poland’s financial institutions.

“Building a solid foundation for operations and future development requires careful implementation and management of the whistleblowing process,” said [expert name]. “It is essential to monitor the issue closely and ensure that the country meets its obligations under the directive.”

Concerns Raised

The lack of whistleblower protection in Poland’s financial institutions raises concerns about:

• The effectiveness of internal reporting mechanisms
• The ability of employees to speak out against unethical or illegal activities without fear of reprisal

Conclusion

As the country continues to lag behind its EU counterparts, it is clear that more needs to be done to protect whistleblowers and promote a culture of transparency and accountability in Poland’s financial sector. Establishing an effective whistleblowing system is crucial for the future development and reputation of Poland’s financial institutions.