Union says members back industrial action at UK financial watchdog FCA

British labour union Unite said on Tuesday that 87% of its members at the Financial Conduct Authority (FCA) have voted in support of industrial action against proposed changes to remuneration.

“Unless a negotiated settlement is reached Unite can now proceed to a full industrial action ballot,” Unite said in a statement.

The FCA, which had no immediate comment, has said that its pay proposals focus on those paid the least, and it would announce the outcome by March of extensive consultation with staff.

Sharon Graham, Unite General Secretary, said FCA employees were telling the watchdog that the proposed changes were damaging and destroying any remaining goodwill the staff had.

Unite said it would negotiate with the regulator through the ACAS voluntary arbitration scheme as soon as the watchdog agreed to this.

“The new FCA CEO, Nikhil Rathi, should be waging war on malpractice in the financial sector, not on his own staff,” Graham said.

Unite said it could not disclose membership numbers among FCA staff while it was also in the process of a ballot on official recognition of the union at the authority.

Sky News reported on Monday that the FCA would name Richard Lloyd, who led British consumer group Which? for five years, as interim chairman. Lloyd will replace Charles Randell, who announced he would be stepping down.

The news comes as the FCA undergoes major internal changes under 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.