🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Labour union loses bid to represent staff at UK financial watchdog

Published 10/05/2022, 10:59
Updated 10/05/2022, 17:46
© Reuters. FILE PHOTO: Signage for Britain's Financial Conduct Authority (FCA) regulator is seen at its head office in London, Britain, March 10, 2022. REUTERS/Toby Melville
UTG
-
CAGGR
-

By Huw Jones

LONDON (Reuters) - An independent body for labour disputes has rejected labour union Unite's bid to represent staff in pay talks at Britain's Financial Conduct Authority.

Some staff at the watchdog began striking last week as an internal revamp and major changes in pay go ahead in chief executive Nikhil Rathi's push to create a more nimble regulator to crack down on scams.

The Central Arbitration Committee (CAG) said in a statement on Tuesday there was insufficient evidence that most workers at the regulator would favour Unite negotiating on their behalf in pay talks.

Unite, which has around 600 members at the FCA, had applied for official recognition to represent a pay "bargaining unit" at the regulator, which employs around 4,000 staff.

The arbitration body said it "does not consider that the evidence before it is sufficient to enable it to conclude... that a majority of the workers constituting the proposed bargaining unit would be likely to favour recognition of the union as entitled to conduct collective bargaining on behalf of the bargaining unit".

Unite said its members would continue with industrial action to make the watchdog "listen to their concern".

"All eyes are now on FCA management to see if they will hold a free vote on union recognition. Unite will be considering the next steps," a Unite spokesperson said.

The FCA said the statutory process for recognition conducted through CAG was the best way of assessing the views of all colleagues on collective bargaining.

"Following the CAC’s decision, we want to have an open conversation with all our colleagues about how their voice is represented - listening and responding to the diverse range of views and opinions we're proud of at the FCA," the FCA said.

The union had told CAG that as most workers in the proposed unit have been working from home, it had not been possible to hold face-to-face meetings with them.

© Reuters. FILE PHOTO: Signage for Britain's Financial Conduct Authority (FCA) regulator is seen at its head office in London, Britain, March 10, 2022. REUTERS/Toby Melville

An online petition signed by 1,473 employees was in support of union recognition, Unite told CAG.

Unite has said it plans further two-day strikes at the FCA in June and July, along with work to rule.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.