The FDA is an independent, member-led union. We are politically neutral and spend all our resources on representing our members’ interests, giving them a strong, pragmatic voice in the workplace.
The FDA gives its FCA and PSR members a collective voice and a vote on workplace issues through its Staff Consultative Committee seat.
We are seeking to build FDA union membership in Edinburgh, Leeds and Stratford, with a strong presence in each office.
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The FDA and Unite the Union have launched a statutory process to secure joint recognition within the Financial Conduct Authority. This follows the FCA’s refusal to negotiate a voluntary arrangement with the trade unions.
What is recognition?
Recognition is where an employer negotiates with trade unions to determine issues including pay and other terms and conditions.
Trade union recognition is standard practice across the public sector, with many third sector and private sector employers also recognising trade unions as it is a mutually beneficial arrangement. For staff, trade unions bring independent expertise, legal support, and are the best vehicle for articulating staff’s views on workplace issues. For employers, trade unions can help address workplace issues and provide a coherent focal point – negotiating pay with a trade union is logistically easier than negotiating pay with each individual member of staff.
The FCA does not recognise any trade unions and does not negotiate issues such as pay and pensions. Rather, it consults the Staff Consultative Committee – a body whose membership, rules, and governance is ultimately decided by the employer. Trade union recognition gives staff an independent voice and a formal right to negotiate the terms of their employment.
For an organisation with over 5,000 employees, the FCA is an outlier in not recognising a trade union. Comparable employers (e.g. the Bank of England, Ofcom, the Competition and Markets Authority, Lloyds Bank, HSBC, and the National Crime Agency) all recognise trade unions.
What is statutory recognition and why is this happening now?
Most recognition agreements are reached voluntarily. When employers and trade unions cannot agree a recognition agreement, trade unions can secure recognition through a statutory process by approaching the Central Arbitration Committee (CAC). The CAC will assess the level of support a trade union has, within a workplace, before deciding whether to award recognition.
For many months, the FDA and Unite have sought to reach a voluntary recognition agreement with the FCA. We know the FCA values the existence of the Staff Consultative Committee (SCC), and so ourselves and Unite suggested that staff representatives could be retained as part of any voluntary agreement – an arrangement similar to that used in the Competition and Markets Authority.
Regrettably, the FDA and Unite have been forced to initiate a statutory process because the FCA rejected our approach for a voluntary arrangement. Of course, we remain committed to maintaining a constructive relationship with the FCA and we remain open to negotiating a voluntary agreement.
What does recognition mean for staff?
The FDA and Unite would negotiate pay, hours, and holidays for Heads of Department and below. This would be done by FCA employees who volunteer to become trained trade union representatives. These representatives would be rooted in the workplace and, due to the rights provided by recognition, would be able to advocate the views of the workforce without fear of detriment.
Additionally, collective negotiation could lead to better pay and terms and conditions. The reality is that most FCA staff lack the ability to individually negotiate their own pay and terms and conditions as most work within the FCA’s defined pay bands, policies and processes. Trade union recognition, and collective bargaining, means staff can use their collective strength to negotiate for better conditions.
FDA membership is just £16.50 per month for Associates, Senior Associates, and Professional Support staff within the FCA & PSR.
To benefit from this preferential rate, when prompted for your grade when completing the membership form, input ‘HEO’ if you are an Associate or Professional Support grade or ‘SEO’ if you are a Senior Associate.
We are deeply disappointed by the tone of the government’s announcement to abolish the Payment Systems Regulator (PSR). Characterising the PSR as ‘red tape’ and a ‘burden on business’ is simplistic and ignores the important role our members play.
Staff at the PSR perform crucial functions: ensuring banks prevent fraud and swiftly reimburse victims, promoting competition and innovation, investigating misconduct, and protecting consumer and business choice in how payments are made.
We will now work proactively with management to ensure that the abolition of the PSR does not lead to detriment for our members — whether in terms of job security, career opportunities, or terms and conditions.
Robert Eagleton
National Officer
Robert is the FDA National Officer for the FCA.
robert.eagleton@fda.org.uk
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