Staff at the Financial Conduct Authority have today, 4 May, begun 48 hours of strike action.

The action was prompted by planned cuts to pay and conditions at the regulator and will take place in London and Edinburgh.

The industrial action is the first taken since the regulator was founded and Unite the Union says it follows “months of refusals by FCA management to listen to the concerns of their workforces.”

The union claims the FCA has “rejected all approaches to engage in discussions with employee representatives.”

It says today’s action will be followed by a continuous ‘work to rule’ by the workforce.

Further strike action is planned in June and July.