Context
The trade union Unite has written to Nikhil Rathi, CEO of the Financial Conduct Authority, to warn of widespread anger amid management’s refusal to discuss pay and staff morale with workers.
Key points to note
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 per cent pay deal.
Against this backdrop, hundreds of workers have already left the FCA over the last 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.”
Key findings of the survey include:
- 87 per cent of staff responding are dissatisfied with the ‘employee offer’ imposed in April 2022
- 60 per cent of participants do not know how their pay will be determined this year despite promises of greater transparency
- 88 per cent of these staff asked for a pay uplift at least in line with inflation after punishing pay cuts last year
- 97 per cent have been affected by the cost of living crisis – 50 per cent significantly so
- 7 per cent believe that they are not paid fairly for the work they do.
Not surprisingly 56.7 per cent are now actively looking to leave the FCA.
Next actions
None – for information and awareness.