LONDON, Jan 24 (Reuters) - British labor union Unite said
on Monday it is holding an indicative ballot of members over
industrial action at the Financial Conduct Authority (FCA).
Unite said in a statement that the FCA, which regulates
financial markets in Britain, plans sharp cuts to staff pay. The
FCA, which has had no previous cases of industrial action by its
staff, has said nobody would have their basic pay cut.
"Unite members will today began voting in a ballot called by
the union as management has refused to negotiate with the
workforce on a program of severe cost-cutting, which is set to
turn the FCA into 'a bargain basement' regulator," Unite said.
Unite is also challenging the FCA on its refusal to allow
staff to have representation by an independent labor union.
The FCA said its pay and reward proposals would ensure it
continues to provide one of the best employment packages of any
regulator or enforcement agency in Britain.
"Our proposals focus on those paid the least, with 800
colleagues below manager-level in line for salary increases of,
on average, 3,800 pounds ($5,129)," an FCA spokesperson said.
"We are now carefully considering the feedback received
during our extensive consultation with colleagues with the aim
of announcing the outcome by March," the FCA said.
Unite said experienced employees have been quitting the
regulator in droves with more expected to follow, with only a
"small proportion" of the lowest paid staff receiving pay rises.
Trade unions are recognized at the Bank of England and the
Pensions Regulator, it added.
The FCA is undergoing major internal changes under CEO
Nikhil Rathi, who has revamped his executive team after an
independent review said the watchdog botched the supervision of
now collapsed investment company London Capital & Finance https://www.reuters.com/world/uk/britain-legislate-soon-pay-london-capital-finance-investors-2021-05-26.
($1 = 0.7408 pounds)
(Reporting by Huw Jones; Editing by David Goodman and Alexander