SEC to revamp whistleblower procedures

The Securities and Exchange Commission (SEC), the US stock-market regulator, has announced a sweeping review of the way it handles whistleblower complaints and tip-offs.

The agency has been under fire for its perceived haphazard handling of a number of high-profile cases of alleged fraud - most notably that of Bernard Madoff, the disgraced New York financier.

On Thursday, Mary Schapiro, the new head of the regulator, announced that the regulator will seek to establish a more centralised proces