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Union backs first industrial action at UK financial watchdog

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LONDON (Reuters) -British labour union Unite said on Tuesday that over 75% of its members at the Financial Conduct Authority have voted in favour of industrial action for the first time over changes to pay and conditions.

A further 89.8% also voted to support industrial action short of strike action, Unite said in a statement.

The FCA, which had no immediate comment, is undergoing a major internal revamp to improve culture and become what it calls a nimbler, more aggressive watchdog.

The watchdog is bumping up salaries for the 800 lowest paid, but scrapping discretionary cash bonuses, offering instead a one-off cost of living payout.

“For the first time ever, the employees at the Financial Conduct Authority have voted for industrial action,” Unite general secretary Sharon Graham said.

“They have made it very clear that the proposed changes to staff pay and conditions are completely unacceptable. The FCA management must now address the serious concerns of their employees.”

Unite said it has contacted the independent arbitration service ACAS to encourage the FCA to sit down with the union.

“Unless positive steps are taken to address the concerns set out by staff Unite members at the FCA will now be meeting to plan the next steps in the dispute which is the result of damaging changes to the pay and conditions of staff,” Unite said.

Union backs first industrial action at UK financial watchdog

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