The UK’s financial regulatory has outlined a new employment offer after some of its employees voted in support of industrial action over pay.

Following a consultation with its workforce, the Financial Conduct Authority (FCA) has announced that roughly 800 of its lowest paid employees will receive average salary increases of £4,310 to the minimum of a new pay benchmark.

Other salary increases and performance related pay will take overall increases for them to an average of about £5,500.

The salary hikes come with higher pension contributions and flexible benefits.

Employees who meet performance targets - approximately 85 per cent of the organisation - will
receive salary increases of at least 5 per cent this year and 4 per cent in 2023.

The FCA said that those who have not met their objectives this year will be given assistance to meet their performance objectives.

The authority has confirmed that discretionary cash bonuses will be removed for all staff from next year, with the final bonuses paid to the highest performing FCA colleagues in April 2022.

“We believe we have developed a fair, competitive, and sustainable offer that will help us achieve our regulatory objectives, as well as diversity goals, that supports the lowest paid and the strongest performers, with most colleagues receiving a minimum salary increase of over 9 per cent over the next two years and an average of over 12 per cent over that period,” said Nikhil Rathi, chief executive, FCA.

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