Nikhil Rathi, chief executive of the Financial Conduct Authority, is to face questioning from MPs as part of the Public Accounts Committee’s inquiry into the British Steel Pension Scheme transfer scandal.

The Financial Conduct Authority (FCA) is to offer 800 of its lower paid staff a pay and benefits increase worth £5,500 each.

Treasury Committee MPs have questioned FCA CEO Nikhil Rathi over the regulator’s bonus scheme, fee rises and backlogs in firm authorisations.

Trade union Unite has given the Financial Conduct Authority a 10 day deadline to recognise the union.