In 2022, we set out a new Employment Offer designed to reward strong, consistent performance, aid career development and close pay gaps.
Read the employment offer document (PDF)
This followed an extensive, wide-ranging and comprehensive consultation with all colleagues and our Staff Consultative Committee. The changes, including updates to the proposals consulted upon, meant that we continued to provide one of the best reward packages of any regulator or enforcement agency in the UK.
This is part of the transformation work already underway to help ensure we can perform to a consistently high standard – to make sure we are an adaptive, innovative and assertive regulator, as set out in our 2021/22 Business Plan.
To meet our objectives into the future, we need to attract and retain skills we know are in high demand. Our colleagues have a choice of employer. We therefore need an employment offer that measures up to what is available elsewhere, balanced by the need to demonstrate value for money and commitment to our public purpose.
The grading and pay changes were introduced from 1 April 2022 and benefits changes from 1 June 2022.
2023 pay review
Read the equality impact assessment 2023 (PDF)
Our goal has been to ensure our Employment Offer is competitive and fair, and helps us retain and attract the people with the skills and values we need to deliver our strategy over the long term.
The April 2023 pay review marks the second year of the new employment offer. In many cases we have been able to make improvements to the 2023 pay review that go beyond the original commitments.
Overall, the average base salary increase in April 2023 across the FCA and PSR was 6.8%. We continue to provide one of the best, if not the best overall employment package of any public authority, regulator or enforcement agency in the UK.