The Financial Conduct Authority (FCA) is preparing for significant staff backlash after announcing a substantial increase in mandatory office attendance requirements for its workforce. In a move that risks reigniting last year's industrial action threats, the City regulator has communicated to thousands of employees that they will need to substantially reduce their working from home arrangements.
New Office Attendance Requirements
According to internal communications obtained by Sky News, the FCA has informed staff that from September this year, all executive directors and directors must work at least 60% of their time in the office or equivalent locations. The remainder of the workforce faces a 50% minimum office attendance requirement, representing a significant increase from the current 40% ratio, which equates to approximately two days per week.
Accelerated Communication
The regulator rushed out the communication to employees on Tuesday after Sky News revealed preliminary details of the plans earlier in the day. Executive Director Sarah Pritchard wrote to staff to outline what she described as "our headline approach," pre-empting scheduled internal meetings that had been arranged for January 28 to discuss the outcome of the working from home policy review.
In her email, Ms Pritchard explained that compliance with the revised policy would be assessed over a three-month period rather than on a monthly basis, providing some flexibility in implementation. She justified the changes by stating: "We believe that a minimum 50/50 split between time in the office and at home will deliver greater collaboration and innovation, support the mentoring and development of colleagues, help us to solve complex or novel problems more easily, reduce miscommunication and strengthen our shared senses of purpose."
Renewed Industrial Action Threats
The announcement comes just months after the Unite union, which represents many FCA staff members, warned that strike action could not be ruled out if office attendance requirements were increased. Last year's showdown between management and staff resulted in significant tensions that now appear likely to resurface.
Broader Workplace Tensions
The response from FCA employees to this announcement will highlight the ongoing sensitivities surrounding hybrid working arrangements across the financial sector. This development is particularly noteworthy given that many companies regulated by the FCA have already ordered some staff to resume full-time office working, creating a complex landscape of workplace expectations and employee relations.
The regulator's decision represents a significant shift in post-pandemic working arrangements and reflects broader trends in workplace management across the financial services industry. As organisations continue to navigate the balance between remote working benefits and in-office collaboration, the FCA's experience may serve as an important case study for other regulatory bodies and financial institutions facing similar challenges.
