Staff at UK markets watchdog to begin unprecedented strike
Staff at UK markets watchdog...
Subscribe to Newsletter

Staff at UK markets watchdog to begin unprecedented strike

4 May 2022
2 min.
Staff at UK markets watchdog to begin unprecedented strike

Staff at Britain's Financial Conduct Authority (FCA) were poised to strike for the first time on Wednesday as a protracted dispute over pay and union recognition remained unresolved.

The regulator is being revamped to become what Chief Executive Nikhil Rathi has said will be a more aggressive watchdog to tackle scams and misconduct.

The Unite the union said the strike follows months of refusals by the FCA to listen to its workforce.

"The action will start with 48 hours of continuous strike action by workers across the financial regulator in London and Edinburgh," a Unite statement said.

"This will be followed by a continuous ‘work to rule’ by the workforce, who will withdraw the regular overtime and additional work they currently do outside of their contractual duties."

Strikes are also planned in June and July.

The FCA employs about 4,000 staff, but a person familiar with the watchdog said that 294 Unite members - accounting for less than 8% of the payroll - have said they are prepared to strike and no significant disruption to operations is expected.

The watchdog has replaced what it considered to be bonuses that had no real link to performance, implementing what is says is a "highly competitive" pay package based on extensive consultation with staff.

"Most colleagues are receiving an average 7% increase in base pay this year and over 12% over the next two years, with an additional one-off cash payment of 4% in May," the FCA said.

"We acknowledge the result of the ballot of Unite members and respect colleagues’ votes and their strength of feeling about some of the changes we have made."

 Official union recognition would allow Unite to represent staff in pay negotiations.

The Central Arbitration Committee, an independent workplace disputes body, is considering whether to accept an application from Unite for labour union recognition at the FCA.


Companies1 in the news

Unite the Union
1 place
Rating companies
13 Mention
11 Mention
Daily Mail
9 Mention
Labour Party
7 Mention
X (Twitter)
7 Mention
The Sun
6 Mention
6 Mention
5 Mention


News -this is the latest and most up-to-date information about the resonant events that have occurred in the region. The task of the resource's news feed is to convey to readers information about important events in business, politics, economics, healthcare, culture and other spheres of life in England with maximum accuracy and objectivity.
News - this is coverage of the economic processes taking place in England, the latest news of public life, incidents and an overview of political events. English news is information about the activities of small and medium-sized businesses, the work of housing and communal services, the implementation of significant projects. The site's journalists describe not only the life of the region, but also talk about the current state of the English economy. Everything you need to know about innovations in the field of industry and agriculture, economy and government is collected in the "News" section on
News of England promptly informs the reader, shows the real picture and opens up topical topics. Communication with government structures and business gives us the opportunity to provide our readers with reliable, information-rich material.
The main page of the portal contains the key news of England!
Alena Potapova

Development Director
Died this year
Born this year