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FCA staff vote in favour of industrial action

FCA staff vote in favour of industrial action

Financial Conduct Authority employees have voted in favour of industrial action over proposed cuts to pay and conditions.

Unite the Union says that 87% of its members have voted in support of the action in a non-binding ballet. Unless a negotiated settlement is reached, the union will now push ahead with a formal statutory ballet.

The action comes months after FCA staff made unionisation moves in response to a planned transformation programme being pushed by the watchdog's new boss, Nikhil Rathi.

The FCA says that most of its 4000 employees will receive base pay salary rises of at least five per cent in 2022 and four per cent in 2023. However, Unite says that plans to stop discretionary bonuses will see overall pay reduced by more than 10%.

Sharon Graham, Unite general secretary, says: "While the proposed cuts at the regulator is good news for fraudsters and rip-off merchants it is bad news for people with savings, loans, mortgages and pensions as experienced and committed staff are being forced out of the door.

"The new FCA CEO, Nikhil Rathi, should be waging war on malpractice in the financial sector, not on his own staff."

Comments: (1)

A Finextra member
A Finextra member 02 February, 2022, 16:113 likes 3 likes

It's also bad news for any company awaiting output/approval from the FCA for change in permissions. It takes long enough at the best of times; the current backlog has made it worse and industrial action is another step closer to it grinding to a halt. 

We sent an application in 3 months ago and have heard nothing other than confirmation of their receipt of our application. What was all that rubbish about the government encouraging and facilitating creativity and business expansion in the financial services sector?