London, United Kingdom, 1st Apr 2022, King News Wire, The Financial Conduct Authority (FCA) are defending allegations that a former FCA Risk Manager was made redundant and unfairly dismissed after raising whistleblowing concerns about P2P lending firms over-charging consumers in 2017 as well as warning the regulator (then known as the Financial Services Authority or FSA) about systemic issues and that several financial firms were undercapitalised in the run-up to the 2008 global financial crisis.

Walker Sigismund is claiming that he had reportedly made 27 disclosures which could come under protected disclosures under UK whistleblowing legislation in relation to shadow banking, peer-to-peer lending and the Mr Sigismund’s previous unresolved disclosures.

Last week, the FCA’s former deputy chief risk officer Jose Morago, and a former FCA director and the current Chief Executive of the London Stock Exchange (LSE), Julia Hogget, were questioned at the Tribunal where they both made representations concerning Mr Sigismund’s dismissal. The Employment Tribunal case is being heard at the East London Employment Tribunal under case 3200833/2019 Mr W Sigismund v Bank of England and Financial Conduct Authority. 

In Q4 2021 the FCA received 412 whistleblowing complaints with the nature of allegations including, fitness and propriety, treating customers fairly, FSMA, culture of organisation, compliance, systems and controls, fraud, SYSC 18, consumer detriment and data security. 

The FCA is the UK’s financial services regulator and had taken over from the Financial Services Authority from 1 April 2013. The FCA is a prescribed body for whistleblowers within the financial services industry and its operational objectives are to protect consumers, protect financial markets and promote competition. 

Chris Hamilton, FCA Head of News 

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