The Belgian Financial Services and Markets Authority recorded a rise in whistleblower and consumer reports in 2025, reflecting increased contact with the regulator and continued concerns about unlawful financial activity.

The FSMA said it received 306 whistleblowers’ reports in 2025. That was 12% more than in 2024 and more than double the number received in 2022. The authority uses these reports to detect breaches of financial legislation at an early stage and, where necessary, to take supervisory or enforcement measures.

Whistleblowing Channel Strengthens FSMA Early Detection

Jean-Paul Servais, Chairman of the FSMA, said the trend was positive because it showed growing trust in the regulator. He said consumers were increasingly contacting the FSMA “to check if their provider is trustworthy” and that this approach helps prevent fraud.

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He added that it is important for a supervisory authority to listen to both the financial sector and the public in order to “detect, as early as possible, important signals” that may require action.

The FSMA has operated a dedicated whistleblowing channel since 2017 for reporting suspected infringements of financial legislation under its supervision. The authority said reports are handled with particular care to ensure anonymity and confidentiality.

Consumer Complaints Jump 13%

The number of reports through this channel has increased steadily. The FSMA received 139 reports in 2022, 238 in 2023, 274 in 2024 and 306 in 2025.

The reports cover a wide range of areas, including financial products, market surveillance, company disclosures, conduct of business rules, financial intermediaries, supplementary pensions and unlawful activities. Some reports lead to investigations and, in certain cases, sanctions.

Consumer contact with the FSMA also continued to rise. In 2025, the authority received 4,674 consumer reports. That was three times the level recorded in 2016 and 13% higher than in 2024. The increase has been consistent year on year.

245 Scam Websites Prevent Nearly 23,000 Visits

Most consumer reports concerned unlawful or fraudulent offers. In 2025, the FSMA received an average of 273 such reports per month. The authority also noted that more consumers are contacting it before investing to verify whether a firm or individual is trustworthy.

Since April 2025, the FSMA has blocked 245 fraudulent domain names through the Belgian Anti-Phishing Shield. The authority said this prevented nearly 23,000 attempted visits to fraudulent websites.