New whistle-blowing regulations for financial services firms are to be introduced by the Prudential Regulation Authority and the Financial Conduct Authority, with banks, building societies and investment firms subject to these rules.

The regulations will come into force on September 7 but affected firms were required to have appointed a non-executive director as a 'whistle-blowers' champion' by March 7. This requirement is part of the Senior Managers Regime, which is intended to make senior managers personally accountable for the roles they perform.