FCA’s pay levels ‘could force its staff to rely on hardship fund’

Members of Unite union reject UK regulator’s offer and say it is failing to deal with salary shortfall

Staff at the UK’s financial regulator could be forced to rely on a hardship fund to make up for their “objectively low pay”, according to a union.

Unite said a failure to address the salary shortfall at the Financial Conduct Authority (FCA) risked embarrassing the watchdog, whose workers supervise some of the country’s largest banks and wealth managers.

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