Unite the union hailed a victory over the City watchdog today after staff backed industrial action.
However, City A.M. understands fewer than one in ten of the Financial Conduct Authority’s (FCA) staff actually supported strike action.
Unite said today 75 per cent of the union members that participated in the vote backed the industrial action proposal.
Not all of the FCA’s workforce are members of the Unite union that represents them.
The FCA has tabled a fresh employment offer that lifts most workers’ pay 12 per cent over the next two years, supported by a one-off cash payment of four per cent of their salary next month.
The new pay structure is designed to incentivise workers to improve their productivity levels by linking wage increases to performance.
Unite characterised the offer as a pay cut, with officer Alan Scott adding the “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,” he added.