FCA CEO defends staff pay after 2 day strike

FCA CEO Nikhil Rathi has defended the pay packages of staff - some of whom went on strike this week - as “possibly the best package” among UK regulators. In a speech last night, Mr Rathi said the FCA had made great efforts to pay competitively and had paid “particular attention” to the lowest paid at the watchdog. While he made no direct reference to the two day strike this week by Unite members over pay packages, loss of bonuses and union recognition, he put forward a robust defence of the regulator's pay and benefit packages. He said: “Our people are our greatest resource and we believe we offer what is possibly the best package among UK regulators, with competitive pay and strong rewards for consistent performance and greater opportunity for career mobility. “We have paid particular attention to the pressures faced by our lowest paid colleagues. In a highly competitive recruitment environment, we have attracted hundreds of new colleagues this year at all levels and look forward to dozens more joining us in the months ahead.” Unite union members at the Financial Conduct Authority staged a 48-hour walkout earlier this week in a protest over pay, terms and lack of trade union recognition. Unite members holding placards staged a protest picket line outside the regulator's HQ in east London. The strike is believed to be the first ever industrial action at the regulator. Unite said the strike follows, "many months of refusals by FCA management to listen to the concerns of their workforce." Unite members have threatened further industrial reaction and plan a work-to-rule from today as well as withdrawing from regular overtime. Mr Rathi was speaking at a special dinner to mark the 30th anniversary of the Chartered Institute for Securities & Investment, the professional body which runs the Certified Financial Planner designation in the UK and other financial qualifications. He praised the CISI for its commitment to knowledge, skills and integrity and said these were characteristics shared by the FCA. He said in the 22 months since he took over at the FCA it had begun a process of transformation and was “more resilient to the economic and geopolitical disruptions of today.” He said the FCA, and other regulators, would focus in future on raising digital skills and maximising the benefits of technology. He also spoke about boosting financial education for children.

FCA CEO defends staff pay after 2 day strike

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