The FCA is to increase salaries by an average of 6.5% in April, with a guaranteed minimum increase for staff of 4.5%.

The Unite trade union has claimed that staff anger is reaching tipping point at the Financial Conduct Authority with half of its workers considering leaving.

The Central Arbitration Committee has rejected an application from union Unite to be recognised as the union for Financial Conduct Authority employees.

Unite union members at the Financial Conduct Authority have begun a 48-hour walkout today in a protest over pay, terms and lack of trade union recognition.