The FCA is to increase salaries by an average of 6.5% in April, with a guaranteed minimum increase for staff of 4.5%.

FCA CEO Nikhil Rathi has defended the pay packages of staff - some of whom went on strike this week - as “possibly the best package” among UK regulators.

Unite union members at the Financial Conduct Authority have begun a 48-hour walkout today in a protest over pay, terms and lack of trade union recognition.

Only 8% of FCA staff are expected to strike following a ballot of Unite members at the regulator in favour of action, Financial Planning Today understands.