Proactive Investors - The UK financial watchdog faces a "crisis" as staff leave and more are looking at the exit, according to a trade union report.
Over half of staff at the Financial Conduct Authority are considering leaving their jobs as a result of recent decisions on pay, said Unite found in an employee survey carried out this month.
The FCA promised a pay rise of 4.5% from 2023, less than half the level of inflation since last summer, which has led almost nine out of ten staff asking for pay to be lifted at least in line with inflation.
Last year, FCA staff who are members of Unite went on strike for the first time in the regulator's history.
Unite, which said the pay issues had led to "hundreds" of departures over the past 18 months, has written a 'Dear CEO' letter to Nikhil Rathi, boss of the regulator, to warn of workers' anger and low morale, and calling on him to urgently rethink the pay proposals.
"The FCA often writes to its regulated firms in this manner when there is serious cause for concern," the union said.
Unite national officer Dominic Hook said the survey "makes it clear" that Rathi had oversees "a serious staffing crisis", with 97% of survey respondents reporting personal financial strain.
“The exodus of experienced staff from the FCA is pushing the regulator towards breaking point. There are now serious questions about the FCA’s ability to keep consumers safe. On the current trajectory the public can no longer have confidence in the FCA’s ability to deliver in the public interest.
“Management must reconsider the imposition of this pay offer. Without meaningful discussions with Unite the regulator will continue to lose committed staff, leaving those who remain facing extreme challenges.”