A stronger collective voice in the FCA and PSR

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.

Member benefits include:

Negotiation not consultation – FDA & Unite launch joint FCA recognition campaign

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.