FCA staff continue to call for union recognition
Financial Conduct Authority (FCA) employees are continuing to call for a vote on union recognition, after striking last year over pay.
The City regulator faced criticism last year over its decision to remove widespread bonuses and replace them with performance-linked salary increases, which FCA staff said would result in three out of four of them having their pay reduced by 10 per cent.
FCA workers went on strike on 4 and 5 May last year, urging the regulator to address their concerns around pay, terms and conditions and lack of trade union recognition.
The FCA refused to grant formal representation to workplace union Unite, arguing that staff who do not want to join would be forced into group talks. However, it agreed to add Unite representatives to its staff consultative committee.
Comments in an online discussion forum for FCA staff, seen by Financial News, show that employees are still calling for union representation.
“Can we please vote on whether we want to vote on union recognition?” said one FCA employee. “Why are we scared to just simply ask staff how they want to be represented?”
“Just ask us if we want union recognition,” said another employee. “Most organisations just recognise a union or more than one. This feels like further gaslighting.”
Read more: FCA staff reject more than two days a week in the office
Nikhil Rathi took over the helm of the FCA in October 2020 and has overseen a number of changes since his appointment, including the digitisation of regulatory functions, a substantial increase in the FCA’s headcount, and a commitment to bring the regulator in line with environmental, social and governance (ESG) standards.
However, his shake-up of pay has provoked ire among employees and Unite members have warned that he will create a “bargain basement” regulator.
Read more: FCA chief paid £455k during year of staff pay disputes
An FCA spokesperson told Financial News: “An independent tribunal concluded last year that the threshold for a vote on statutory union recognition had not been met. We have proposed to offer [civil service union] FDA and Unite representation on an enhanced staff consultative committee and it is now for the committee’s members and the respective unions to decide whether to take that up.”
United was contacted for comment by Financial News.