BOE reports 257 protected whistleblowing disclosures

In the 2025/26 reporting period, the Bank of England (BOE) and Prudential Regulation Authority (PRA) assessed a total of 271 disclosures against the Public Interest Disclosure Act 1998 (PIDA) and their statutory requirements.

Of these, 257 were reasonably believed to be protected disclosures falling within the remit of the BOE and PRA as Prescribed Persons.

The remaining 14 disclosures were not protected: two related to unregulated firms, five concerned regulated firms but fell outside the regulators' remit, and seven did not meet the definition of a whistleblower.

Regardless of their statutory basis, all 271 disclosures were shared with supervisory colleagues to inform or support their assessments.

Of the 257 protected disclosures, 17 allowed supervision to manage potential regulatory risk, 94 provided intelligence for future reference, and 57 offered low-value intelligence.

Eighty-nine disclosures remain under ongoing supervisory assessment, highlighting the continuous nature of this oversight.

Anonymised examples in the report demonstrate how these disclosures directly influenced supervisory activities, from thematic reviews of operational resilience to targeted work on governance and culture, and confidential engagement with firms and external auditors to mitigate risks like financial misstatements.

The BOE and PRA serve as Prescribed Persons under the Public Interest Disclosure Order 2014, offering workers a confidential channel to report public interest disclosures directly to a regulator.

This mechanism is highly valued for its role in achieving regulatory objectives and ensuring effective financial services oversight.

Whistleblowing provides a vital source of information, helping the Bank and PRA identify risks to regulated firms by offering insights that might otherwise be missed.

The Bank's mission is to promote the good of the UK people by maintaining monetary and financial stability, with specific responsibilities for clearing houses, payment systems, and banknote circulation.

The PRA regulates approximately 1,300 financial firms, aiming to promote their safety and soundness, facilitate effective competition, and contribute to the international competitiveness of the UK economy.

For insurers, it also protects policyholders.

The annual reporting requirement for Prescribed Persons ensures transparency on the volume and impact of these crucial disclosures, reinforcing the regulatory framework.