FCA staff suspend strike action plans

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Financial Conduct Authority (FCA) staff have called off plans for strike action.

Employees at the City watchdog were due to take industrial action this week over reforms at the regulator including on staff pay.

But a note from Unite has revealed that officers have taken the decision to pause action – scheduled for this Tuesday and Wednesday – due to the regulator now considering union recognition.

“Whilst Unite does have a mandate to continue industrial action until the end of October, it is important to recognise that industrial action was always a last resort,” Unite said.

“Following extensive consultation with colleagues and Unite HQ, pausing industrial action now seems the best way for us to move forward with the next stage of the campaign in a constructive and collaborative manner to achieve our aims.

“Recognition will give all colleagues the best platform possible to campaign on pay and conditions.”

Unite members backed strike action earlier this year amid anger towards chief executive Nikhil Rathi’s transformation plans for the City watchdog, which Unite members warn will create a “bargain basement” regulator.

Staff say the proposals will result in three out of four of them facing having their pay reduced by 10 per cent.

However, the changes are unlikely to affect the FCA’s leadership team as most are new in post, appointed by Rathi, Unite said.

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