Unite, the union for Financial Conduct Authority (FCA) staff, has written to Nikhil Rathi CEO of the financial services regulator, to warn of widespread anger amid management’s refusal to discuss pay and staff morale with workers.
A Unite survey of staff conducted in January 2023 reveals dissatisfaction and frustration amongst employees with over half considering leaving their jobs as a result of recent decisions on pay. The regulator has imposed a below inflation 4.5% pay deal.
Against this backdrop, hundreds of workers have already left the FCA over the past 18 months amid serious recruitment challenges.
Unite’s letter to Nikhil Rathi is in the form of a ‘Dear CEO’ letter calling on him to urgently rethink the FCA’s pay proposals. The FCA often writes to its regulated firms in this manner when there is serious cause for concern.
Responding to the findings of the survey, Unite national officer, Dominic Hook said: “Unite’s survey makes it clear that on Nikhil Rathi’s watch there is a serious staffing crisis at the Financial Conduct Authority.
“When 97% of the survey participants report facing financial strain the imposition of a 4.5% pay deal is intolerable.
“The exodus of experienced staff from the FCA is pushing the regulator towards breaking point. There are now serious questions about the FCA’s ability to keep consumers safe. On the current trajectory the public can no longer have confidence in the FCA’s ability to deliver in the public interest.
“Management must reconsider the imposition of this pay offer. Without meaningful discussions with Unite the regulator will continue to lose committed staff, leaving those who remain facing extreme challenges.”
