[UK] Financial Conduct Authority staff begin unprecedented strike

In the UK, staff at the Financial Conduct Authority (FCA) went on strike for the first time on May 4 in the wake of a protracted dispute over pay and union recognition which remains unresolved, Euronews reports.

The regulator is undergoing a revamp to become what Chief Executive Nikhil Rathi has described as a more aggressive watchdog to tackle scams and misconduct.

The Unite union said the strike follows months of refusals by the FCA to listen to its workforce.

“The action will start with 48 hours of continuous strike action by workers across the financial regulator in London and Edinburgh,” a Unite statement said.

“This will be followed by a continuous ‘work to rule’ by the workforce, who will withdraw the regular overtime and additional work they currently do outside of their contractual duties.”

Strikes are also planned for June and July.

The FCA employs about 4,000 staff, but a person familiar with the watchdog reportedly said that 294 Unite members (less than 8 per cent of the payroll) have said they are prepared to strike and no significant disruption to operations is expected.

The watchdog has replaced what it considered to be bonuses that had no real link to performance, implementing what it says is a “highly competitive” pay package based on extensive consultation with staff instead.

“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,” the FCA said.

The FCA said the vast majority of colleagues have decided not to strike and the watchdog was operating as normal.

“We acknowledge the decision by Unite members, however, and respect the strength of feeling of some colleagues about changes we have made,” the FCA said.

Official union recognition would allow Unite to represent staff in pay negotiations.

The Central Arbitration Committee, an independent workplace disputes body, is reportedly considering whether to accept an application from Unite for labour union recognition at the FCA.

Source: Euronews

(Quotes via original reporting)

In the UK, staff at the Financial Conduct Authority (FCA) went on strike for the first time on May 4 in the wake of a protracted dispute over pay and union recognition which remains unresolved, Euronews reports.

The regulator is undergoing a revamp to become what Chief Executive Nikhil Rathi has described as a more aggressive watchdog to tackle scams and misconduct.

The Unite union said the strike follows months of refusals by the FCA to listen to its workforce.

“The action will start with 48 hours of continuous strike action by workers across the financial regulator in London and Edinburgh,” a Unite statement said.

“This will be followed by a continuous ‘work to rule’ by the workforce, who will withdraw the regular overtime and additional work they currently do outside of their contractual duties.”

Strikes are also planned for June and July.

The FCA employs about 4,000 staff, but a person familiar with the watchdog reportedly said that 294 Unite members (less than 8 per cent of the payroll) have said they are prepared to strike and no significant disruption to operations is expected.

The watchdog has replaced what it considered to be bonuses that had no real link to performance, implementing what it says is a “highly competitive” pay package based on extensive consultation with staff instead.

“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,” the FCA said.

The FCA said the vast majority of colleagues have decided not to strike and the watchdog was operating as normal.

“We acknowledge the decision by Unite members, however, and respect the strength of feeling of some colleagues about changes we have made,” the FCA said.

Official union recognition would allow Unite to represent staff in pay negotiations.

The Central Arbitration Committee, an independent workplace disputes body, is reportedly considering whether to accept an application from Unite for labour union recognition at the FCA.

Source: Euronews

(Quotes via original reporting)