Employment contract valid when employer dishonest/criminal?

[AgentD]

I'm looking for some advice about the validity of my employment contract. I started a new job in financial services a couple of months ago. I was approached by a recruiter and after some time away from the industry I decided the opportunity was too good to be missed. So I left a happy job for the new one.
Within the first week I realised things weren't ok. Regulations weren't being followed and the directors of the businesses were telling a lot of lies.
I gave it a few weeks to see if it was possible to influence things or whether the situation would improve. However the situation has increasingly got worse. Amongst other things I've recently realised the directors are involved in a pension scam which they have tried to keep secret from most employees . I now feel like I've seen enough and that I'm pretty sure the owners of the business are crooks.
Other employees I've spoken to have the same hunch and are trying to get out. Fortunately I've been offered my old job back which I'm more thsn happy to return to.
I just want some advice on notice periods and where I stand legally. I have asked a trusted colleague who is currently serving their notice period. They have told me to wait until pay day, then send a message to say I won't be coming back and then not return. This is what a previous employee did because they thought the director's would "make their life hell". I'm also considering contacting the regulator after the dust settles so I don't want to give any hint that I understand what they are up to.
If I was to do this where would I stand legally. Would my employers be in breach of my employment contract if they are knowingly breaching regulations and illegal practices? Or would I be at fault for not serving my notice period?

[Amethyst]

If you can have your original job back and you want it then go for it....go with your gut and get out of this company.

I'll tag Ula for you on the notice periods but check your employment contract terms to see whether you have more than a 1 week statutory notice period.

Personally I would be wary of taking someone's advice to wait to pay day then just disappear from someone who is currently working their notice period, however if you have only been there a couple months and you hand in your notice, they may just ask you to leave immediately anyway.

Whatever you do do, definitely go to the Regulator. https://www.fca.org.uk/firms/whistleblowing may offer you some protections although you haven't been there long enough to worry about constructive/unfair dismissal etc.

[AgentD]

Thanks Amethyst. I think I should seriously consider going to the regulator sooner rather than later. It could even make life easier if I reported them now rather than waiting.

[Amethyst]

So long as you are safe - that is the priority.

You can make confidential reports to the FCA and I am presuming as you are in financial services and concerned over a pension 'scam' this is an FCA authorised firm.

Don't go in tomorrow and start downloading evidence or anything like that, it would get traced to you very simply. If you want to whistleblow, contact the FCA anonymously and tell them what your concerns are and where to look. They can deal with the rest.

Having said that I do wish more employees of these companies would whistleblow - maybe they do but we never hear about it - I don't know, but there's so many employees involved in these kinds of companies they can't all be just turning a blind eye and still sleeping soundly at night.


I hope you can go on to get a position in a decent FS company in the future. This wasn't the right company xxx

I'll say Good Luck and hopefully Ula will pop in tomorrow with more useful advice on your notice period.

[ULA]

Hi, have you managed to look at your contract and see what notice you need to provide. I would be very wary about taking your colleagues advice.

[AgentD]

I have had a look and at the moment I just need to give one week's notice.

[ULA]

Then I would suggest that you hand in your one week's notice once you have everything in writing in regard to going back to your previous company.

[2222]

I have had a look and at the moment I just need to give one week's notice.

I think I'd wait until paid, and then give one week's notice. That way, you are not risking too much in the way of pay. If they are scamming customers, they may think nothing of scamming staff, too.