(1) An employer shall not penalise or threaten penalisation against an employee, or cause or permit any other person to penalise or threaten penalisation against an employee -

(a) for having made a protected disclosure, unless the employee -

(i) in making the disclosure did so knowing it to be false or misleading, or

(ii) in connection with the disclosure, furnished information that he or she knew to be false or misleading,

(b) for giving evidence in any proceedings under financial services legislation, or

(c) for giving notice of his or her intention to do any of the things referred to in paragraph (a) or (b).

(2) Paragraphs (a), (c), (d), (e) and (f) of the definition of "penalisation" in section 37 shall not be construed in a manner which prevents an employer from -

(a) ensuring that the business concerned is carried on in an efficient manner, or

(b) taking any action required for economic, technical or organisational reasons.