The union has accused management of refusing to discuss rock bottom morale and poor pay.

It said the exodus of experienced staff raised serious questions about the regulator’s ability to keep consumers safe. 

The union has today written to FCA chief executive Nikhil Rathi to warn of widespread anger about management’s lack of communication after it imposed a below inflation 4.5% pay deal.

A Unite survey of staff conducted in January revealed dissatisfaction and frustration among employees with more than half considering leaving their jobs as a result of recent decisions on pay.

The union said hundreds of workers have already left the FCA over the last 18 months amid serious recruitment challenges.

Unite national officer Dominic Hook said: “Unite’s survey makes it clear that on Nikhil Rathi’s watch there is a serious staffing crisis at the Financial Conduct Authority.

“When 97% of the survey participants report facing financial strain the imposition of a 4.5% pay deal is intolerable. The exodus of experienced staff from the FCA is pushing the regulator towards breaking point. There are now serious questions about the FCA’s ability to keep consumers safe. 

“On the current trajectory the public can no longer have confidence in the FCA’s ability to deliver in the public interest.”

He called on the FCA to reconsider the pay award.

He warned that without meaningful discussions with Unite, the regulator will continue to lose committed staff, leaving those who remain facing extreme challenges.

Last year members of Unite employed at the FCA took industrial action for the first time in the regulator’s history.

The survey was completed by a random sample of 500 members and non-members of Unite working across the Financial Conduct Authority in January. Staff at every level and department of the regulator participated, Unite said. The 500 responses included those based in all geographical offices of the FCA.