UK Tops Whistleblower Claims To SEC
November 22, 2012
Jordan A. Thomas discusses the SEC's 2012 Annual Report on the Dodd-Frank Whistleblower Program and the implications for the UK
Thomas said that the UK cases were unlikely to proceed at a "substantially" slower rate than US claims, unlike countries with the potential for delay like China, because of the high levels of integration between the UK and US financial systems.
Thomas believes that this policy, as well as the SEC's specific safeguards on ensuring whistleblower anonymity, mean that US regulators could feature in more cases emanating from the UK.
"I don't think they [the SEC] would relish it...they're cops and they're going to go where the crime is, but in an ideal world the UK would have a similar system. The UK is not leading, and as a regulator you want to be the one that identifies problems in your market," he said.
Thomas believes that further steps could be made by UK regulators in the direction of the US system if the SEC's whistleblowing system is seen to be successful.
"I do believe that it shows there's a hunger for people to report and the UK financial regulators, particularity the FSA would be encouraged to strengthen their efforts."