On 8th December, the FCA’s CEO and Chair had to do something which they have so far avoided during their consultation. They had to answer questions about what they’re up to.
Unite lobbied before the hearing, and the MPs raised some of our concerns with them.
You can watch the hearing here. If you don’t have to time to watch the whole thing here are some highlights.
Unless you are earning less than £25,000 – or you are on Exco – the chances are that you will earn less next year than this year. If you ever wanted to see what Nikhil thinks of getting a pay cut then check this.
Nikhil dismissed our protests as “noise”. He said that they were caused by him being “more rigorous about our performance”.
We are speechless – especially those of us who have been working flat-out over nights and weekends to protect the economy from the Covid crisis. Experienced and committed staff gave a huge amount of feedback in the consultation and Nikhil just isn’t listening. Some of money saved by the pay cuts will be used to tackle – at last – the shameful low pay of some colleagues. This is long overdue. Yesterday Nikhil set out the figures. The cuts in the bonus pool will save around £18m – but the pay rise will cost less than £4m. So where is the extra money going?
Exco will not recognise a union voluntarily. What are they afraid of?
