STAFF at the Financial Conduct Authority (FCA) want bosses to “sit down and negotiate,” Unite said today after they voted overwhelmingly for strike action in a pay dispute.

The union confirmed that 87 per cent of its members at the watchdog backed walkouts in the indicative ballot, which closed on Monday. 

A full industrial action ballot would soon follow if management did not budge, it warned. 

Bosses are intent on slashing pay by up to 12 per cent, scrapping some bonuses and imposing an appraisal system that punishes strong performers, Unite charged.

The union, which has said workers are already leaving in droves, is also calling for employees to be allowed independent union representation after chairman Nikhil Rathi dismissed staff concerns as “noise.”

Unite general secretary Sharon Graham said that the proposed changes are “damaging and destroying any remaining goodwill the staff had.

“It is time for management to come to the negotiating table and ensure they avoid damaging the important work of the regulator.”

Unite is willing to negotiate through arbitration service Acas, she highlighted, saying: “The ball is in the FCA’s court now.

“While the proposed cuts at the regulator are good news for fraudsters and rip-off merchants, it is bad news for people with savings, loans, mortgages and pensions as committed staff are being forced out the door.

“[Mr] Rathi should be waging war on malpractice in the financial sector, not on his own staff.”

A spokesperson for the authority reiterated its claims that the reforms would put “800 colleagues below manager level in line for salary increases of, on average, £3,800.

“We are now carefully considering the feedback received during our extensive consultation with colleagues, with the aim of announcing the outcome by March.”