FCA staff kick off first strike action since finance watchdog’s creation

Employees at the City watchdog walked out for the first time today to protest against their employer’s pay offer.

Workers at the Financial Conduct Authority (FCA) protested outside the regulator’s headquarters in Stratford, east London.

Staff represented by Unite the union are striking in response to a pay offer tabled by the FCA that will lift most employees’ wages 12 per cent over the next two years.

The watchdog is trying to revamp its pay structure to remove bonuses that are not linked to performance.

“The action will start with 48 hours of continuous strike action by workers” at the FCA’s London and Edinburgh offices, Unite said.

More strikes will take place in June and July.

The FCA has yet to recognise the existence of a workers’ union, but a person familiar with the matter said the regulator is prepared to, City A.M. understands.

Fewer than one in 10 FCA staff supported the strike action, City A.M. understands.