By Huw Jones
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 is undergoing a major internal revamp to improve culture and become what it calls a nimbler, more aggressive watchdog. It 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.”
The FCA said on Tuesday its new employment package is highly competitive, with most staff receiving an average 7% increase in base salary this year and more than 12% over the next two years, with an additional one-off cash payment of 4% in May.
“While we acknowledge the recent vote, we respect colleagues’ decision and understand the strength of feeling about some of the changes we have made,” an FCA spokesperson said.
The FCA employs just under 4,000 staff and Unite said it has 640 members at the watchdog with a 62% turnout in the ballot.
Unite said it has contacted the independent arbitration service ACAS to encourage the FCA to hold talks 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.
(Reporting by Huw Jones; Editing by David Evans and Mike Harrison)
