Financial Conduct Authority (FCA) staff are looking to unionise amid “growing disenchantment” with the City watchdog’s new leadership.
Unite has launched a petition for the union to be formally recognised by the financial regulator so it can negotiate pay issues on their behalf.
Trade unions are already recognised at the Bank of England and the Pensions Regulator. FCA staff want the same recognition after telling Unite representatives that morale has plummeted and resignations are increasing.
It comes amid anger towards new chief executive Nikhil Rathi’s (pictured) transformation plans, which include changes to pay.
Staff say the proposals will result in three out of four of them facing having their pay reduced by 10 per cent.
However, the changes are unlikely to affect the FCA’s leadership team as most are new in post, appointed by Rathi, Unite says.
Unite said members are angered that Rathi has proposed allowing the highest paid FCA staff to be paid more to avoid caps on the tax breaks for the largest pension pot holders.
“Staff across the FCA are joining Unite in unprecedented numbers and want their voices heard,” Dominic Hook, national Unite national officer said.
“The significant growth in trade union membership demonstrates that the recognition of an independent trade union at the FCA is long overdue.
“Unite is the union for staff across the financial services sector and it is essential for the regulator to ensure that this dedicated workforce have an independent and strong trade union in their corner, rather than simply being ignored by management.
“Staff at the FCA are demoralised by the consultation launched by the chief executive in September and feel it is a poor way to reward FCA staff who worked tirelessly throughout the pandemic to deliver credit card and mortgage payment holidays that were a lifeline to people up and down the country.”
The FCA has been asked for comment.
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