This policy applies to whistleblower claims made in relation to any operations or services provided by SFBF including activities and decisions of SFBF employees or other instances of potential malpractice which affects the integrity of the SFBF.
SFBF has introduced these procedures to enable individuals to raise or disclose concerns about malpractice within SFBF at an early stage. These procedures apply in all cases where there are genuine malpractice concerns regardless of where they may be and whether the information related to the malpractice is confidential or not.
Whistleblowing claims may be made by any individual, including employees of the SFBF, users of the SFBF technology and services, customers and suppliers to SFBF.
If an individual raises a genuine concern and is acting in good faith, even if it is later discovered that they are mistaken, under this policy they will not suffer any form of retribution as a result. This assurance will not be extended to an individual who maliciously raises a matter they know to be untrue or who is involved in any way in the malpractice.
Procedure for Raising a Concern
If an individual believes that the actions of anyone (or a group of people) working for the SFBF does, or could, constitute malpractice the individual should raise the matter through the SFBF confidential online whistleblowing procedure.
The online whistleblowing procedure allows the individual to include full details and, if possible, supporting evidence. The individual should specify whether they wish for their identity to be kept confidential.
Panel Banks may report suspicious behavior to the SFBF via the whistleblowing procedure on the website as per the reporting requirements in the STIBOR Panel Bank Code of Conduct.
Whistleblowing claims should be submitted if there is sufficient indication that an incident has occurred or may occur.
In exceptional circumstances individuals may report whistleblowing directly to an SFBF director via email using the following contact information:
Compliance Officer – compliance@swfbf.se
Catharina Hillström, SFBF MD – catharina.hillstrom@swfbf.se
Confidentiality
Every effort will be made to keep the reporting individual’s identity confidential, at least until any formal investigation is under way. In order not to jeopardise the investigation into the alleged malpractice, the reporting individual will also be expected to keep the fact that they have raised a concern, the nature of the concern and the identity of those involved confidential.
There may be circumstances in which, because of the nature of the investigation or disclosure, it will be necessary to disclose the identity of the reporting individual. This may occur in connection with associated disciplinary or legal investigations or proceedings. If in the view of the SFBF such circumstances exist, it will make efforts to inform the reporting individual that their identity is likely to be disclosed. If it is necessary for the reporting individual to participate in an investigation, the fact that the reporting individual made the original disclosure will, so far as is practicable, be kept confidential and all reasonable steps will be taken to protect the individual from any victimisation or detrimental treatment as a result of having made a disclosure. It is possible, however, that the individual’s role as the whistleblower could still become apparent to third parties during the course of an investigation.
Equally, should an investigation lead to a criminal prosecution, it may become necessary for the reporting individual to provide evidence or to be interviewed by the police. In these circumstances, again, the implications for confidentiality will be discussed with reporting individual.
Anonymous Reporting
Anonymous disclosures are very difficult to act upon as there may be little or no corroborated evidence to substantiate the allegations. Proper investigation may prove impossible if the investigator cannot obtain further information from the reporting individual, give them feed-back or ascertain whether their disclosure was made in good faith. The SFBF does not encourage anonymous reporting and strongly encourages individuals to come forward with their concerns.
Investigations and Management of Whistleblowing
The SFBF Compliance Officer holds the primary responsibility for monitoring the communication channels by which individuals may submit whistleblowing claims. Upon receipt of a whistleblowing claim the Compliance Officer will escalate the claim to the Risk and Compliance Committee (RCC) as appropriate. The RCC is responsible for overseeing the implementation of this policy with regard to all whistleblowing claims.
Whistleblowing claims received by the SFBF will be investigated and resolved in a timely and fair basis by personnel who are independent of any personnel who may be or may have been involved in the subject of the alleged malpractice. The RCC, upon notification by the Compliance Officer of the whistleblowing claim, will appoint a Whistleblowing Manager to investigate the whistleblowing claim in accordance with this policy. For the purpose of this policy the role of investigating the whistleblowing claim is termed the Whistleblowing Manager.
The Whistleblowing Manager will investigate the whistleblowing claim in accordance with this policy and will be bound by professional confidentiality when processing the claim with regard to relevant parties. The Whistleblowing Manager must be able to work with sufficient autonomy with respect to the SFBF, where appropriate, and he or she must act by having a precise responsibility and accordingly may be questioned, for example, in case of a breach in his or her obligation of confidentiality with regard to the whistleblower, the incriminated person, or relevant third parties during the processing of the claim.
Upon appointment to the role of Whistleblowing Manager, the Whistleblowing Manager will provide acknowledgement to the whistleblower of receipt of their whistleblowing claim.
The Whistleblowing Manager will investigate the claim and provide a report of findings to the RCC in the first instance. Depending on the nature of the actual or potential breaches, the RCC escalate the issue to the Board for their awareness at this time.
Upon the completion of the whistleblowing investigation the Whistleblowing Manager will compile a report for the RCC for their consideration. The RCC will make recommendations to the Board. The recommendations may range from no action required to changes in policies, procedures and work practices. They may also include staff disciplinary actions, including dismissal. The Board will consider the recommendations and make its decision accordingly. Any actions required as a result of the Board’s decision will be implemented as soon as practicable. It might be the case that the Board seeks legal advice prior to authorising the implementation of remedial action. SFBF will endeavor to finalise any whistleblowing investigation within 60 days of receipt of a claim.
When the remedial action, if any, has been implemented the Whistleblowing Manager will advise the whistleblower and any other relevant persons, of the outcome of the SFBF’s investigation into the whistleblowing claim.
Notification
All documents relating to a whistleblowing claim, including those submitted by the whistleblower and all the SFBF’s records of investigations, reports, proceedings and determinations made by the SFBF will be retained for a minimum of five years in a confidential Whistleblowing Register.
The Board, where applicable, will determine whether or not the integrity of a client or external party has been impacted by the investigation process. If an external party is deemed to have been impacted then the Compliance Officer will, subject to privacy, legal and contractual requirements, notify the affected party of the SFBF remedial actions in relation to the matter.