Financial sector workers can now call an anonymous tip line to let market watchdogs know about fraud and bad behaviour, with the Investment Industry Regulatory Organization of Canada unveiling a whistleblower service.
IIROC said that those with "first hand knowledge or tangible evidence of potential systemic wrongdoing, potential securities frauds or unethical behaviour by individuals or firms in the investment industry" can contact the service. It will be monitored by senior employees of the regulator, including Maureen Jensen, the top surveillance and compliance executive.
"This service will ensure that individuals who believe that they have significant information to convey deal directly with IIROC senior staff who will ensure that each tip is properly evaluated and promptly dealt with," said Susan Wolburgh Jenah, IIROC's president and chief executive officer.
The service is similar to the Office of the Whistleblower, established in March by the U.S Financial Industry Regulatory Authority to deal with "high risk tips."