FCA staff reject more than two days a week in the office
Staff at the Financial Conduct Authority (FCA) have pushed back against proposals to alter the watchdog’s hybrid working policy, saying two days a week is the most they will come into the office.
According to The Telegraph, members of the FCA’s staff consultative committee cited the cost-of-living crisis as the foremost reason that expecting staff to commute more frequently was unreasonable.
Staff fed their concerns back to the FCA’s board at the end of June, while it was conducting a hybrid working policy trial, which required staff to come to the office just two days a week.
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The latest pushback from employees comes as the City watchdog has been going through a period of change under chief executive Nikhil Rathi.
Rathi has prioritised the digitisation of regulatory functions, increased the FCA’s headcount, and committed to bringing the regulator in line with environmental, social and governance (ESG) standards.
However, he has faced challenges during his leadership. In January 2022, FCA staff voted on strike action, with a walkout set to take place on 5 and 6 July, which was later called off.
Staff have expressed anger at Rathi’s plans to transform the City watchdog, with Unite members warning that he will create a “bargain basement” regulator.
A spokesman for the FCA told The Telegraph: “During our hybrid working pilot, we found that offering colleagues greater flexibility was the best way to work effectively, productively and inclusively.”
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