Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

AcasFinancial servicesDispute resolutionLatest NewsIndustrial action / strikes

Staff at FCA vote in favour of industrial action

by Jo Faragher 13 Apr 2022
by Jo Faragher 13 Apr 2022 Pic: Ricky Of The World / Shutterstock.com
Pic: Ricky Of The World / Shutterstock.com

Staff at the Financial Conduct Authority have voted in favour of industrial action – a first for the financial services regulator.

According to the union Unite, a ballot of its members at the FCA voted 75% in favour of action against changes made to their pay and conditions. Almost nine in 10 voted in favour of “industrial action short of strike action”. The FCA has responded that this is only an estimated 8% of the total workforce, however.

In March, the FCA offered staff a 12% average increase to base pay over the next two years, but the union described this as a “grave error”. Unite had previously argued that a number of staff would have their pay dramatically reduced in proposed changes to terms and conditions.

The FCA has responded to Unite’s claims by confirming that around 800 staff below manager level will see their base pay rise by more than £4,000 a year.

The consultation on the final package ran from September to December 2021 and received 4,500 responses through the organisation’s feedback tool, 2,200 emails to the team, 700 comments raised in meetings and over 580 questions answered on the FCA’s intranet site, Pulse.

FCA industrial action

Trade union recognition 

Financial Conduct Authority faces strike threat over pay and appraisals 

Staff at Financial Conduct Authority clamour to join union

The FCA’s Executive Committee held 77 sessions virtually and, where possible, in person in London and Edinburgh. The consultation concluded at the end of February and the proposals were agreed, it said.

However, Unite believes the proposed changes are still unacceptable. General secretary Sharon Graham said:

“They have made it very clear that the proposed changes to staff pay and conditions are completely unacceptable. The FCA management must now address the serious concerns of their employees.”

Unite said it has contacted Acas in an attempt to set up a negotiation between the union and FCA representatives.

Alan Scott, Unite officer said: “FCA 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 FCA to rethink these plans. The continued refusal to recognise an independent trade union further damages the standing of the organisation.

“The management could still avoid the reputational and business damage caused by strike action by meeting with Unite to resolve the dispute.”

An FCA spokesperson said: “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% increase in base pay this year and over 12% over the next two years, with an additional one-off cash payment of 4% in May. Our lowest paid and strongest performers will receive more.

“The changes we have made ensure the FCA’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.”

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

As part of the new employment package, around 800 of the FCA’s lowest paid colleagues will receive average salary increases of £4,310 to the minimum of a new pay benchmark, with other salary increases and performance related pay, taking overall increases for them to an average of around £5,500, the regulator added.

HR opportunities in Accountancy, Banking, Finance and Insurance on Personnel Today


Browse more HR opportunities in Accountancy, Banking, Finance and Insurance

Jo Faragher

Jo Faragher has been an employment and business journalist for 20 years. She regularly contributes to Personnel Today and writes features for a number of national business and membership magazines. Jo is also the author of 'Good Work, Great Technology', published in 2022 by Clink Street Publishing, charting the relationship between effective workplace technology and productive and happy employees. She won the Willis Towers Watson HR journalist of the year award in 2015 and has been highly commended twice.

previous post
Sexual harassment in the Army ‘part of a wider cultural issue’, report finds
next post
Inflation in March 2022 rises to 7%

You may also like

Minister defends Employment Rights Bill at Acas conference

16 May 2025

Nurses threaten strikes if pay demands not met

12 May 2025

Resident doctors to ballot for strike action

2 May 2025

Ofgem workers ballot for strike action

2 May 2025

University of East Anglia set for nine days...

2 May 2025

Unite announces further Gatwick airport strikes

2 May 2025

Acas hosts talks to end Birmingham bin strike

1 May 2025

Scottish Water workers strike in dispute over pay

22 Apr 2025

Teachers could strike if pay award not improved

16 Apr 2025

Birmingham bin strike to continue as ‘totally inadequate’...

15 Apr 2025

  • 2025 Employee Communications Report PROMOTED | HR and leadership...Read more
  • The Majority of Employees Have Their Eyes on Their Next Move PROMOTED | A staggering 65%...Read more
  • Prioritising performance management: Strategies for success (webinar) WEBINAR | In today’s fast-paced...Read more
  • Self-Leadership: The Key to Successful Organisations PROMOTED | Eletive is helping businesses...Read more
  • Retaining Female Talent: Four Ways to Reduce Workplace Drop Out PROMOTED | International Women’s Day...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+