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FCA staff ‘openly crying in meetings’ in push to postpone pay revamp

Staff said the regulator's consultation on new pay rules 'falls short of the standards that the FCA requires from regulated firms'

The proposed changes from the FCA, consulted on since September, would see FCA staff lose their discretionary bonuses while lower earners get pay rises
The proposed changes from the FCA, consulted on since September, would see FCA staff lose their discretionary bonuses while lower earners get pay rises

Staff at the Financial Conduct Authority are pushing the watchdog to delay decisions on controversial changes to employees’ pay and perks, blasting their bosses for making “a complete mess” of the consultation on the matter.

An interim report on the new rules from the FCA's Staff Consultative Committee said the watchdog's management had provided staff with "insufficient information" on the matter "to allow them to reach a full understanding of the impact of the proposals on them individually, their local areas or on the FCA as a whole" with less than a month until the deadline for feedback.

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