A protection against dismissal for whistle-blowers in the financial sector

06 Oct 2017Regulations

Following a recent legislative amendment (law of July 31, 2017), employees in the financial sector who report (suspected) infringements on the financial legislation within their company to the public authorities (FSMA), are protected against dismissal and other retaliations.

 

More specifically, the whistle-blower benefits, a.o., from the following guarantees:

 

  • Their identity will not be disclosed;

 

  • Any discriminatory measures or any other form of disadvantageous treatment are forbidden;

 

  • The dismissed whistleblower may be entitled to a lump sum indemnity equal to 6 months' remuneration, when the employer cannot proof any reasons for the dismissal which are unrelated to the status of whistle-blower.

 

In addition, financial institutions must also provide an internal reporting procedure, enabling employees to report infringements within the company.

 

What to remember?

 

Whistle-blowers in the financial enjoy special guarantees against possible retaliations.  Click here for the full version of this news in French.

Source: Law of 31 July 2017 amending the Act of 2 August 2002 on the supervision of the financial sector and financial services, with a view to implementing Regulation (EU) No 596/2014 on market abuse and to transpose Directive 2014/54 / EU on criminal sanctions for market abuse and Implementation Directive (EU) 2015/2392 on the reporting of violations, and laying down various provisions, Belgian Gazette,, 11 August 2017.