The union which represents staff at the regulator has announced today (Tuesday 1 February) that FCA Unite members have voted by 87% in support of industrial action against proposed cuts to pay and conditions.
Unless a negotiated settlement is reached Unite can now proceed to a full industrial action ballot. The cuts, championed by CEO Nikhil Rathi, threaten to damage the interests of savers, borrowers and businesses by creating a bargain basement regulator.
Sharon Graham, Unite General Secretary officer said: “The employees are telling FCA bosses that the proposed changes are damaging and destroying any remaining goodwill the staff had. It is time for the FCA management to come to the negotiating table and ensure they avoid damaging the important work of the regulator. Unite will sit down and negotiate through ACAS as soon as the FCA agrees; the ball is in FCA’s court now.
“While the proposed cuts at the regulator is good news for fraudsters and rip-off merchants it is bad news for people with savings, loans, mortgages and pensions as experienced and committed staff are being forced out of the door. The new FCA CEO, Nikhil Rathi, should be waging war on malpractice in the financial sector, not on his own staff.”
Unite members agree that the FCA needs to reform its operations in order to provide the most effective possible service to consumers and businesses. But the current proposals impose heavy cuts on ordinary staff while avoiding deeper structural reforms which might be uncomfortable for senior management.
The vote for industrial action came in a non-binding indicative ballot, held from 24 to 31 January. The next step will be to hold a formal statutory ballot if Nikhil Rathi refuses to come to the negotiating table. Unite has approached the mediation service ACAS in an attempt to resolve the dispute.
