Less than half of staff at the UK’s financial regulator are happy with their pay, a survey has suggested, despite efforts to fend off the allure of private sector jobs.
The Financial Conduct Authority’s (FCA) latest employee survey found just 43 per cent of employees rated their pay favourably, Financial News first reported.
While this number is up five per cent from last year, it was the lowest scoring category in the 2024 polling.
In an email to staff, the regulator said: “We are encouraged by these scores but know there is more to do, especially to ensure that all colleagues have a consistent positive experience.”
Concerns over pay are a blow to the FCA, which implemented a sweeping overhaul in 2022 that scrapped discretionary bonuses, raised base salaries and narrowed salary ranges to ensure employees were fairly remunerated.
The watchdog has been grappling with ways to retain and tempt in staff after an exodus into the private sector and a rapidly expanding remit.
A report from a House of Lords committee published in February warned of a “massive pay gap” between regulators and City firms that could risk drawing top talent away to the likes of banks, insurers and brokers.
It added that the government “may need to allow regulators greater discretion to move outside of their current payscales” in order to reduce the number of departures.
Although employee attrition rates rose following the FCA’s pay revamp two years ago, the regulator said they have now fallen.
Elsewhere, the FCA’s survey revealed that talent management was the second lowest-scoring category by favourability rating at 46 per cent, up three points.
Scores for diversity and job security came in above 70 per cent.