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Staff at UK financial watchdog inch closer to strike action in pay spat

© Reuters. FILE PHOTO: Signage is seen for the FCA (Financial Conduct Authority), the UK’s financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville

LONDON (Reuters) – Employees at Britain’s Financial Conduct Authority have served notice to begin a ballot on taking industrial action against cuts to their pay and conditions, employee union Unite said on Tuesday.

Britain’s financial watchdog set out a new pay structure and one-off ‘cost of living’ bonus for staff earlier this month in an effort to quell unease among employees.

But Unite said staff remain “rightly angry” about the proposals.

“For too long their CEO Nikhil Rathi has chosen to ignore their concerns while pocketing about half a million pounds a year of public money,” Sharon Graham, Unite General Secretary said in a statement.

“Now it seems he would rather cut the pay of hard-working frontline staff than make necessary structural reforms.”

Staff at UK financial watchdog inch closer to strike action in pay spat

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