The ballot closed with more than 75 per cent of members voting in favour of industrial action following the dispute. A further 89.8 per cent also voted to support industrial action short of strike action.
The FCA told Mortgage Solutions that it estimates that only eight per cent of staff have said they may be prepared to strike, and that the majority will carry on working as normal.
An FCA spokesperson said: “While we acknowledge the recent vote, we respect colleagues’ decisions and understand the strength of feeling about some of the changes we have made.”
It has also disputed the grounds for the strike, stating that the new employment package will give around 800 of the agency’s lowest paid workers an average salary increase of £4,310 to the minimum of a new pay benchmark, with other salary increases and performance-related pay, taking overall increases to around £5,500 on average.
It was not made entirely clear what the lowest paid staff were on before, nor what will happen to the rest of the staff’s pay packages.
The FCA also said the consultation that led to the final package ran from September to December 2021 and received 4,500 responses through the feedback tool, 2,200 emails to the team, 700 comments raised in meetings, and over 580 questions answered on its intranet site. FCA Executive Committee also held 77 ExCo-led sessions virtually and, where possible, in person in London and Edinburgh.
Unite has contacted ACAS to ask the FCA to meet its representatives over its concerns.
Alan Scott, Unite officer said: “FCA staff have not taken the decision to vote for industrial action lightly. Unite has made it clear that the pay cuts and unfair appraisals are extremely detrimental to thousands of staff and it is time for the FCA to rethink these plans. The continued refusal to recognise an independent trade union further damages the standing of the organisation.”
An FCA spokesman added: “Our new employment package is highly competitive, providing fair, competitive pay at all levels and rewards strong, consistent performance. Most colleagues are receiving an average seven per cent increase in base pay this year and over 12 per cent over the next two years, with an additional one-off cash payment of 4 per cent in May. Our lowest paid and strongest performers will receive more.
“The changes we have made ensure the FCA’s pay and benefits package remains one of the best, if not the best, of any regulatory or enforcement agency in the UK.”
