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FCA_logoIt emerged today that the Financial Services Authority has paid out over £1.4 million in redundancy payments over the last three years of its life.

The reports come in the wake of a number of controversies in the civil service, the BBC and the NHS relating to the nature and size of redundancy payments made to ex-employees.

The organisation, which has recently been split into two and re-named the Financial Conduct Authority and the Prudential Regulation Authority, apparently spent £1,476,898 on redundancies between 2009 and 2012, with over 30 staff being made redundant over the last 3 years. This equates to an average of £50,000 per employee. The Financial Conduct Authority, responding to a Freedom of Information request, did not specify individual redundancy packages but instead broke them down into categories of staff. These categories showed the following:

  • Administrators and associates made redundant received a total payout of £749,889
  • Managers made redundant received a total of £256,935
  • Directors made redundant received a total of £255,000
  • Heads of departments made redundant received a total of £181,235
  • Technical specialists made redundant received a total of £36,839

It also emerged that 11 employees had been dismissed for performance issues over the same period and that despite the redundancies and the splitting of the organisation, staffing has remained largely untouched at the new Financial Conduct Authority.

Chris Hadrill, an employment solicitor at Redmans, commented: “Employers have a duty to pay employees statutory redundancy pay once they have been employed with their organisation for a period of two years or more or, alternatively, to pay them any contractual redundancy pay that is payable under their contract of employment. It’s not clear whether the staff at the old FSA were paid statutory redundancy pay or contractual redundancy pay.”

About

Redmans Employment Team deal with employment matters for both employers and employees, including drafting employment contracts and policies, advising employers and employees on compromise agreements, handling day-to-day HR issues, advising on restructures, and handling Employment Tribunal cases for both employers and employees Call 020 3397 3603 to speak to one of the members of our employment team or email us on enquiries@redmans.co.uk. Redmans have offices in Richmond, Chiswick, Hammersmith, Fulham, Kingston, Wimbledon, Ealing, Kings Cross and Marylebone (meetings strictly by appointment only).

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Testimonials

4.63 Average

54 Reviews

David W

A speedy efficient friendly service, I would definitely recommend Redmans Solicitors for processing Settlement Agreements.

Posted 40 minutes ago

Anonymous

Both Rana and Chris were fantastic. From the first phone call I was confident my matter was in good hands. I was not disappointed. I would highly recommend Redmans. Thank you again for all of your support and advice.

Posted 4 days ago

Federico S

Great advices and communication. Through Redmana I obtained match more than what I thought. Highly recommended

Posted 6 days ago

Tom G

A good and efficient service with the required legal advice provided for a settlement agreement.

Posted 6 days ago

Francis T

The solicitor I used was Chris Hadrill, who I found extremely professional and I felt that he made me feel at ease, considering the subject matter he was assisting me with.

Posted 1 week ago

Anonymous

Chris provided excellent assistance with the negotiation of my settlement agreement. From start to finish, I was consitently updated and advised on the best course of action to take. I would highly recommend Chris and Redmans Solicitors.

Posted 1 week ago

Anonymous

They are busy people but manage well so generally I would recommend them.

Posted 1 week ago

Anonymous

Very efficient and professional service from my first phone call making an enquiry. Timescales of the matter in hand were met and within the agreed budget. Would highly recommend Redmans

Posted 3 weeks ago

Lisa B

Really very good service, always available to answer questions, provide my with any information I needed to make informed decisions.

Posted 3 weeks ago

Anonymous

Offered good support and advice

Posted 3 weeks ago

Anonymous

Chris reviewed and managed my compromise agreement swiftly, accurately, helpfully, and on budget. His input on key non-compete clauses was valuable, his communications were clear and concise, and he was always swift in responding. Highly recommended.

Posted 3 weeks ago

Gurbir C

Excellent legal advice service.

Posted 3 weeks ago

Tim

I found Redmans to be very helpful and efficient in conducting my case which was concluded in a timely and diligent manner

Posted 3 weeks ago

Anonymous

I found Redman Solicitors to be very good and worked very well to an extremely tight timescale. I would happily recommend them again especially Rana.

Posted 3 weeks ago

Anonymous

I received excellent, knowledgeable and critically timely support from Chris regarding my settlement agreement, and would wholeheartedly recommend Chris in these matters.

Posted 3 weeks ago

Katelyn

The solicitor communicated well with me and made sure I understood everything. He did everything needed for my settlement agreement and tried to get the wording changed in my favour too.

Posted 1 month ago

Anonymous

Redmans provided excellent services

Posted 1 month ago

Sibel U

Excellent service

Posted 1 month ago

Peter S

I was very happy with the level of advise I received from Caroline Lewis, and a very professional service fron Chris, The advice given really helped me and I was comfortable to sign the settlement agreement following my redundancy. I would be more than happy to recommend your services to others.

Posted 1 month ago

Derek S

I very much appreciated the help provided by Redmans in the settlement agreement agreed with my former employer.

Posted 1 month ago

Waseem M

It was the first ime I used Redmans Solicitors and to be honest, thety were amazing. Rana Tandon and Chris Hadrill were out of this world. They made the process as simply and smooth as can be. Thank you so much for all your support over the last week.

Posted 1 month ago