The union Unite has revealed that a ballot of members working for the Financial Conduct Authority have overwhelmingly voted to go on strike over proposed changes to pay conditions - witnessing a first for the financial services regulator.
The Financial Conduct Authority members voted 75 per cent in favour of action against the changes - with nearly 90 per cent voting in favour of industrial action short of strike action.
Sharon Graham - Unite General Secretary - said:
“For the first time ever, the employees at the Financial Conduct Authority have voted for industrial action. They have made it very clear that the proposed changes to staff pay and conditions are completely unacceptable. The Financial Conduct Authority management must now address the serious concerns of their employees.”
Unite stated that they have attempted to hold discussions with the Financial Conduct Authority, but this was declined.
Alan Scott - a Unite officer - said:
“The Financial Conduct Authority staff have not taken the decision to vote for industrial action lightly. Unite has made it clear that the pay cuts and unfair appraisals are extremely detrimental to thousands of staff and it is time for the Financial Conduct Authority to rethink these plans.”
A spokesperson from the Financial Conduct Authority stated:
“Our new employment package is highly competitive, providing fair, competitive pay at all levels and rewards strong, consistent performance. Most colleagues are receiving an average 7 per cent increase in base pay this year and over 12 per cent over the next two years - with an additional one-off cash payment of 4 per cent in May. Our lowest paid and strongest performers will receive more. The changes we have made ensure the Financial Conduct Authority’s pay and benefits package remains one of the best - if not the best - of any regulatory or enforcement agency in the UK. While we acknowledge the recent vote, we respect colleagues’ decision and understand the strength of feeling about some of the changes we have made.”
Nikhil Rathi - Chief Executive - said:
“I understand the strength of feeling about some of the changes we are making. We have welcomed the open debate and discussion and - with the Board - considered all the feedback we have received.
We believe we have developed a fair, competitive and sustainable offer that will help us achieve our regulatory objectives, as well as diversity goals, that supports the lowest paid and the strongest performers, with most colleagues receiving a minimum salary increase of over 9 per cent over the next two years and an average of over 12 per cent over that period.”
