Eversheds comment: ECB must consider rewards for whistleblowers.

Date: 01 Oct 2014


Commenting on the news the ECB is set to establish a whistleblower system to get tips on banks that may be breaking its rules Andrew Henderson, partner at law firm Eversheds, says:

“As EU agencies, such as the ECB, are given more oversight powers, the establishment of a whistleblower mechanism is not surprising. The question is: how effective such a system will be?

“The ECB will need to consider the incentives and protections for would-be whistleblowers. The United States has seen the use of very substantial rewards ‚Äì amounting to millions of dollars. Whether the ECB is willing to go to these lengths is unclear. However, it may take more than a pan-European sense of civic duty to get employees to speak up.‚Äù

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