STAFF at the Financial Conduct Authority (FCA) have launched a formal petition for union recognition following months of growing disenchantment with the watchdog’s leadership, according to their union.

Unite said today that staff want to be represented by an independent trade union after receiving new pay proposals that would leave three out of four workers with a 10 per cent pay cut.

The union revealed it has seen a significant rise in membership at the authority and called on bosses to heed the concerns of its workforce.