Staff at the Financial Conduct Authority have urged their bosses to "rethink the scale, pace and scope" of a controversial consultation on pay and perks, as the UK markets watchdog battles to navigate a morale crisis and a spike in departures.

Employees' efforts to push back against the proposed changes — affecting the way in which roughly 4,200 staff would be rewarded — are now gathering pace with just weeks to go until the consultation closes on 20 December, according to internal discussions of the changes seen by Financial News.