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Financial Conduct Authority Employee Reviews about "pay rise"

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9 Employee Reviews

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  1. "Great place to work, interesting work, lots of opportunities but pay rises limited"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Associate - Investigator in London, England
    Current Employee - Associate - Investigator in London, England
    Recommends
    Positive Outlook
    No opinion of CEO

    I have been working at Financial Conduct Authority full-time (More than 3 years)

    Pros

    Lots of training, opportunity to study MSc in Financial Regulation, flexible working, variety of roles and ability to move around the organisation, scope for progression within many roles, better pay than civil service and FOS, interesting work.

    Cons

    Pay rises very limited, even when progressing upwards in a role or moving internally. Lots of bureaucracy.

    Advice to Management

    Less bureaucracy would mean work would move faster. Reward good employees when they progress.


  2. "Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Approves of CEO

    Pros

    People, Sense of purpose, Work-life balance

    Cons

    Culture
    Lack of pay rise
    No career progression
    Performance is rewarded based on profile of work


  3. "Flexibility"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Associate in London, England
    Current Employee - Senior Associate in London, England
    Recommends
    Negative Outlook
    Approves of CEO

    I have been working at Financial Conduct Authority part-time (More than 8 years)

    Pros

    - flexible working
    - better hours than private sector
    - interesting
    - sector/company wide view so great experience for going back out again
    - feelgood factor - public service
     - pension contribs not bad - match up to 1 2 or 3 % after 40, 45, 50 - e.g. 44 yo could have 14% from co if 2% self

    Cons

    - pay - pay-rises non existent (much less than 1%pa so negotiate hard before you accept), bonuses shrinking
    - lip-service to flexibility - depends on manager, career development impossible - middle management poor
    - pay
    - move to Stratford

    Advice to Management

    Seems very unprofessional environment compared to private sector


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  5. "A Good Name on CV and Good Work/Life"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Associate in London, England
    Current Employee - Senior Associate in London, England
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    - Work/life balance very good (majority of teams)
    - Good benefits package
    - Some interesting and high profile work
    - Canary Wharf offices are good (albeit moving soon to Stratford) and you will meet some nice people from varied backgrounds.

    Cons

    - Low basic and bonuses for city standards. Pay rises rarely happen.
    - Highly bureaucratic and process driven. This in turn is conducive to micromanagement.
    - Promotion is very much down to your face fitting

    Advice to Management

    Keep doing all of the really good things for consumers. As for your staff, initial training is great, but more needs to be done to maximise strengths of individuals and align to opportunities. If salaries are not better aligned to the market going forwards, you may risk not securing the best talent.


  6. "Good place to gain regulatory experience"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Associate in London, England
    Current Employee - Senior Associate in London, England
    Recommends
    Neutral Outlook
    No opinion of CEO

    I have been working at Financial Conduct Authority part-time (More than 10 years)

    Pros

    Interesting work. Good environment in terms of flexible working.

    Cons

    Move to Stratford is a terrible idea that was thrust upon us with no consultation. No pay rise for majority of employees in years.

    Advice to Management

    Do more to retain experienced staff. Compensate staff for move to Stratford


  7. Helpful (3)

    "Dead-end job but little pressure"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Associate in London, England
    Former Employee - Associate in London, England
    No opinion of CEO

    I worked at Financial Conduct Authority full-time

    Pros

    Work-life balance. Nobody needs to work hard (and there's precious little reward for doing so). Easy to "work from home" at least one day a week and casual sickness not only tolerated but in come cases encouraged.
    Staring salary/benefits for external recruits is good (but see below).
    Very inclusive to minorities and LGBT.

    Cons

    Almost no career progression possible.
    65% of staff got no pay rise at all (ZERO) in 2016.
    Dreadful old-fashioned management structure means anybody below HoD or Manager (including so-called Technical Specialists) is largely ignored.
    Proposed move to Stratford is a disaster already unfolding.

    Advice to Management

    Mean it when you say that you want to break down silos and do something real to bring it about. Pointless waffle like the "FCA Mission" fools nobody.


  8. "Good place to work"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Associate in London, England
    Former Employee - Senior Associate in London, England
    Recommends
    Positive Outlook
    No opinion of CEO

    I worked at Financial Conduct Authority full-time (More than a year)

    Pros

    Great work life balance, largely the managers care about you, nice colleagues and people want to do the right thing. A lot of people leave to take higher salary in the industry but this actually means once you've been here a couple of years there are plenty of chances for promotion or new experiences. You learn a lot at the FCA and the experience is highly regarded externally should you choose to leave.

    I left for personal reasons and because i don't like working in Canary Wharf. But i'd definitely recommend this as a place to work and i'd most certainly come back. I think it's quite a progressive employer and treats its staff with respect. The benefits are great too - and people should keep in mind that although the overall package is less than industry - it probably works out quite similar if you take into account the hours.

    Cons

    I personally feel the salary is good but I can imagine the way that pay rises work can be quite frustrating after a number of years here. You can achieve pay rises through promotions but everyone has a limit to how much they can progress and outside of this getting a rise if frustrating. Each year there is a pot and i think around only 25-30% of staff receive a rise (which is also usually quite small). So if you don't progress and you are more likely not to get a rise it can probably be quite frustrating to sense the lack of salary progressions, particularly against inflation and increases in the cost of living.

    Advice to Management

    Spread raises more equally or to more people.


  9. Helpful (5)

    "Awful salary but good training and interesting work"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Associate in London, England
    Current Employee - Associate in London, England
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I have been working at Financial Conduct Authority full-time (More than a year)

    Pros

    People are friendly and on the whole intelligent, proactive and helpful. Training in Supervision is particularly good and the breadth of work is interesting.

    Cons

    Be aware that if you are hired as a "Reg B" under the expectation that you will receive a promotion to Reg C within a year that this will not happen unless you move departments. Even then, you will only receive a pay rise of up for 10%. Annual Bonuses are largely 7-10% of salary (so take the "up to 25% bonus" claim with a pinch of salt - only 5% of staff receive this).
    The FCA is notorious for hiring people under the pay grade they are entitled to.
    There has been no annual pay rise of more than 2% for the last 5 years, with just 1% this year (not guaranteed).
    There is next to no budget for team events with just £100 per head, per year.
    There is a culture of complacency across the organisation broken up only by a selection of competent managers. Most people who are hired become weighed down by the cynicism of long standing employees who are unhappy about their salaries but unwilling to leave. The FCA takes the attitude that good staff are replaceable because it knows it will find someone equally experienced to join it who will accept a low salary. This is demotivating for all staff.
    The FCA completely fails to get rid of under performing employees and panders to them which is increasingly frustrating.

    Advice to Management

    Appreciate that if you don't pay staff properly, the good ones will leave and you will be left with the dead wood who spread a culture of laziness and complacency while sapping the enthusiasm of the new joiners and their respect for the organisation.


  10. Helpful (2)

    "Associate review"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Associate in London, England
    Current Employee - Associate in London, England
    Doesn't Recommend
    Neutral Outlook

    Pros

    Good people to work with. Good work life balance. You can learn a lot quickly which will be valuable in industry.

    Cons

    Poor salary compared to the skill and responsibility of the job roles. On the face of it the Bonus scheme seems good (up to 30% of wage), however, this is near impossible to achieve. To reach even 10% bonus is like trying to move mountains. Favouritism definitely plays a part in this too rather than recognising hard work. Pay rise is too subjective and does not follow the progress an Associates makes and the skill levels they have reached. The intended culture is positive and with good intentions, however, the implementation of this fails the objective. My advice if you were to work here would be to not stay too long and plan an exit strategy.

    Advice to Management

    Better people management is needed. Too target focused at times. There is no consistence from one team to another across a department in regards to management type. This leads to a vast difference in Associates enjoying their jobs between teams. More time needs to be invested in management training. There is a definite divide between management levels and Associates and this needs to be addressed.


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