Financial Regulator FCA Staff Vote to Strike

87% of staff at the Financial Conduct Authority (FCA) that are members of the Unite union have voted to strike over proposed pay cuts for 75% of staff.

The proposals are as follows:

• Pay scales are to be introduced with those that work in London get a London weighting but all FCA employees not working in London will lose equality and have lower salaries to reflect that they live and work in a lower cost of living area.
• Employee bonuses to be abolished.
• Most FCA will receive basic rises of between 4%-5% but with adjustments for London weighting, meaning whilst most will get paid more, London colleagues will be on a higher rate.
• Most lower paid employees will receive a pay rise of an average £3,800pa.

Unite claims that the changes to pay will result in employee dissatisfaction and therefore damage the interests of savers, borrowers and businesses.

Comment

This is a tough one.  Many hundreds and thousands of employers nationwide offer differing pay scales or a London or City weighting, so we do not see this move as anything other than normal.

The FCA, like all households and all businesses must manage its finances closely or cut costs as we tighten our belts for increases to inflation and the cost of living; and then interest rate increases on our mortgages and debt.

Whilst strike action and employee rights are what has shaped and protected employees’ rights through the 20^th century, equally for the 21^st century, employees’ rights have far outstripped the rights of employers.  We are not fans of strike action.  This may be blunt and controversial, but if you do not like the salary you are offered then you can vote with your feet and seek alternative employment.

Equally, the FCA must, just like any other business, be aware that supply and demand will take over.  If there is no demand for its jobs at lower rates of pay, supply will dry up and they will end up paying more to recruit the staff they need.  We prefer to take action with our own employees that not only protects the ongoing costs of our business but also tries to ensure that employees are rewarded in these difficult times.

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