The Financial Conduct Authority’s Unite members gathered outside the regulator’s office to hand out leaflets highlighting concerns about proposed cuts to pay and conditions.
FTAdviser has learned that members of Unite, the union which represents staff at the regulator, came together from 4pm yesterday (February 16) outside the FCA's offices.
Alan Scott, regional coordinating officer at Unite, said: “A number of our members are handing out leaflets at the FCA’s offices today to highlight their concerns at the bosses’ plans for severe cost cutting measures which we argue will turn the FCA into a bargain basement regulator.”
Unite said members were leafleting as it always shares information about the union with members and potential members across the finance sector.
FTAdviser approached the FCA for comment but it had not yet responded at the time of publication.
This comes as earlier this month, the FCA’s Unite members voted ‘yes’ in support of industrial action against the regulator.
Members voted by 87 per cent in favour of strike action in its non-binding ballot, which closed on January 31.
The union said unless a negotiated settlement is reached, Unite can proceed to a full industrial action ballot.
Key concerns by staff included the loss of routine payments labelled ‘bonuses’ which represents 10 to 12 per cent of salary, the narrowing of pay bands, lower pay bands for Scottish staff, cuts affecting graduate trainees, and a threat of future cuts to pensions.
Other concerns by members included a perceived unfair appraisal system and a high level of pay inequality, which Unite said was “unusually high by the standards of public sector regulators”.
The union claimed that while pay bands for most staff were being squeezed, those for senior managers were being uprated.
At the time, the regulator said it was consulting on changes to its employment package.
Unite had said the next step would be to hold a formal statutory ballot if the FCA refuses to come to the negotiating table.
The union had approached the mediation service Advisory, Conciliation and Arbitration Service in an attempt to resolve the dispute.
sonia.rach@ft.com
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