The long-awaited Parliamentary Commission on Banking Standards report was finally published last month. Although the document was criticised for vagueness, the passages on whistle-blowing are clear.

Banks and their regulator were told that their approach to whistle-blowing must change: banks will have to name a board-level figure with responsibility for ensuring an effective whistle-blowing regime and the fair treatment of whistle-blowers. The report recorded its "disappointment" with the Financial Conduct Authority's approach up to now.