More than three quarters of Financial Conduct Authority (FCA) staff have backed industrial action at the regulator.
This is the second time FCA workers have backed strike action this year. While February’s earlier vote was a non-binding indicative ballot, Unite confirmed today’s vote was a legal industrial action ballot.
The Unite Union, which represents staff at the FCA, revealed its ballot closed with more than 75% voting in favour of industrial action following the dispute around changes to pay and conditions. And 89.8% also voted to support industrial action short of strike action.
Unite general secretary Sharon Graham said: “For the first time ever, the employees at the Financial Conduct Authority have voted for industrial action.
“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 officer Alan Scott added: “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.”
Following the ballot result Unite said it once again contacted ACAS in an attempt to encourage the FCA to sit down with Unite representatives to address the concerns of their workforce.
It warned unless positive steps were taken to address the concerns set out by staff, Unite members at the FCA will now be meeting to plan the next steps in the dispute.
Revised package submitted
Earlier this year in the non-binding indicative ballot, 87% of FCA members backed strike action in protest over changes to the regulator’s pay and benefits policy announced in October.
The FCA’s original proposals included adding an excess for staff to use the organisation’s private medical insurance (PMI) cover as premiums had doubled in the last five years, along with creating new salary bands and assessment processes.
Alongside a revised pay and reward package published in March, the FCA confirmed it would be putting the excess into place, but said it had rejected the use of a guided PMI policy as this would restrict choice for its staff.
In response to today’s vote, 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.”