We are extremely disappointed that ExCo have chosen to dismiss overwhelming staff concerns and they have made only minor changes to their original proposals. As it stands, many of us will still stand to lose 10 – 15% of our annual take home pay (taking into account inflation is set to rise to 7%).
This is not the end. We care about the FCA and its mission. Your colleagues in Unite want to work with you to make the FCA a better and a fairer place to work. We urge all colleagues to seek your own advice, whether that is from us as the trade union or your own solicitor. If you want to know what Unite plans to do in response to this news signup for our newsletter.
Exco assured us this was a meaningful consultation. Yet after thousands of us engaged in the consultation through meetings, questions and surveys there is nothing in EXCO’s plan that addresses the positive counter proposals put forward by colleagues through the Staff Consultative Committee or by Unite.
According to Dominic Hook, Unite National Officer: “The pay proposals today by the FCA are a grave error and will be significantly harmful for a large number of loyal, experienced and long serving staff.”
We all participated in the so-called consultation in good faith. No one knew just how much time ExCo have wasted to persuade us that pay cuts are the best way forward. This is time that could have been spent carrying out regulatory activities and delivering other much-needed aspects of the FCA’s transformation.
The upcoming ballot of Unite members on industrial action is now a referendum on Exco’s offer. If you want a vote then join Unite at the FCA.
After the sacrifices made by colleagues in the last two years to keep the UK financial system operating through COVID, we are appalled that the FCA have chosen to treat their staff this way. Unite is urging the CEO Nikhil Rathi to do the right thing. This is not the time to continue on the path for the sake of his reputation. Instead the FCA should get to the negotiating table with Unite to ensure they do not do irreparable damage to this regulator.
Use the comment form below to tell Unite what you think of Nikhil’s plans. And if you have questions that you want answers to then let us know. We will not share your name and comments with the FCA. You can read more about how we will use what you tell us here.
