FCA staff vote in favour of industrial action

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.”