FCA braced for backlash over move to increase office attendance | Money News

The City regulator will next week tell staff to increase their office attendance, paving the way for the renewal of a showdown which last year led to threats of industrial action.

Sky News has learnt that the Financial Conduct Authority (FCA) has scheduled internal meetings with thousands of staff on January 28 to communicate the outcome of a review of its working from home policy.

One source said the watchdog was likely to require employees to work at least 60% of their time in the office from May, an increase from the current level of 40%.

It was unclear whether this would be a blanket requirement for the FCA’s 5,200 staff – roughly 10% of whom are based outside London.

More senior FCA managers are already expected to be at its Stratford headquarters in east London on a more frequent basis than the two days a week rule which applies to the majority.

An FCA spokesperson declined to comment on the 60% figure ahead of next week’s communication to its workforce.

One insider said an email alerting employees to the timing of the announcement acknowledged that the issue was an “emotive” one to many at the FCA.

“Colleagues know we have been reviewing this policy and will communicate the outcome by the end of January,” the regulator said.

Last year, the Unite union, which represents many FCA staff, warned that strike action could not be ruled out if the office attendance requirement was increased.

The response to next week’s announcement will underline the sensitivities which remain around hybrid working, even after many of the companies that the FCA regulates have ordered some staff to resume full-time office working.