FCA Staff Play Bob Marley and Protest Pay in First Ever Strike

(Bloomberg) -- Financial Conduct Authority staff waved placards and called for better pay while blasting “Get Up, Stand Up” by Bob Marley from a small sound system during the first strike in the watchdog's nine-year history.

Around 30 staff and union officials carried union flags and chanted “exploitation ain't the way, employees deserve their pay,” beneath the regulator's east London headquarters on Wednesday morning.

Accompanied by representatives from labor union Unite, employees held placards reading “I'd rather be regulating.”

Tension has been mounting between the union and the regulator as Chief Executive Officer Nikhil Rathi moves to reform its pay structures. The regulator updated its plans in March to shake up compensation after staff raised concerns, saying the changes would raise wages for around 800 of the lowest paid workers by an average of 4,310 pounds ($5,394) a year.

Ultimately the workers voted in favor of striking over the “unacceptable” pay reforms. They say staff are facing a pay cut after the abolition of what they describe as routine discretionary payments.

The FCA estimates that 294 employees out of 4,000 voted to strike.

“The imposition of changes to pay, terms and conditions at the FCA has left thousands of staff worse off,” Sharon Graham, Unite general secretary, said in a statement.

Unite said the industrial action will last for 48 hours in London and Edinburgh and then be followed by workers withdrawing their regular overtime and additional work outside their contractual duties.

An FCA spokesperson said the regulator's new employment package was highly competitive, with most colleagues receiving an average 7% increase in base pay this year and over 12% over the next two years, with an additional one-time cash payment of 4% in May.

“Our lowest paid and strongest performers will receive more,” the FCA said. “The vast majority of colleagues have decided not to strike and we are operating as normal.”