The Financial Conduct Authority (FCA) has reported its highest-ever volume of whistleblowing disclosures. An increase that may seem alarming at face value, but according to industry experts, could actually be a positive sign.

Joanna Lewis, Managing Director at whistleblowing and compliance specialist Safecal, argues that this spike in reporting should not automatically be viewed as a red flag. Instead, it may point to greater employee awareness and trust in internal systems.

“The FCA recently recorded its highest-ever number of whistleblowing reports, and has committed to respond more swiftly as a result,” says Lewis. “Sectors such as banking, finance, private equity and professional services are particularly exposed to economic crime due to the nature of their operations. This makes early intervention critical—addressing concerns before they escalate helps protect organisations from financial loss, reputational damage, and legal consequences.”

Safecall’s own benchmarking data reveals that in highly regulated industries, employees tend to have a clear understanding of what qualifies as a whistleblowing concern, aided by routine training and robust internal channels.

“We often see fewer reports in sectors like banking and finance, but the reports we do receive are typically more substantiated and fall within the genuine scope of whistleblowing,” Lewis adds.

Rather than indicating a surge in misconduct, the FCA’s record-high figures could signal a shift toward healthier workplace cultures, where employees feel empowered to speak up.

“While the FCA’s increase in reports may seem concerning at first glance, it also signals growing employee confidence in speaking up—an encouraging sign of a healthy reporting culture,” says Lewis. “Timely action is essential, regardless of the nature of the concern. When organisations respond promptly and appropriately, they reinforce trust and encourage continued openness around misconduct and malpractice.”

The message is clear: more reports aren’t necessarily bad, they’re often a sign that internal whistleblowing processes are working. For employers, the priority should be ensuring those systems are accessible, trustworthy, and followed up with timely, effective action.