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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

4.78 Average

138 Reviews

Richard O

Chris at Redmans is my go-to legal expert when it comes to employee-related matters. His depth of knowledge, experience and considered approach to problems and their solutions is highly valuable. I cannot recommend Redmans highly enough.

Posted 5 days ago

Rory Y

They provide me with timely and clear advice!

Posted 5 days ago

Steven C

Redmans handled my settlement with my employer quickly, decisively and to a standard that I was very happy with. I would in similar circumstances contract them again

Posted 5 days ago

Deepthi K

Transparent. Clear communication. Prompt reply’s. Saves lot of time. Very satisfied.

Posted 5 days ago

Anonymous

Chris and Sacha did a fantastic job and negotiated a significant better settlement agreement

Posted 5 days ago

Dino D

I did get a very swift and god service from Redmans

Posted 5 days ago

Stephanie H

Clear, prompt, effective support from Chris which has been very much appreciated. Thank you again.

Posted 2 weeks ago

Anonymous

I would highly recommend Redmans Solicitors, the team were very friendly and my case was dealt with professionally and efficiently. Thank you!

Posted 1 month ago

Shane M

Very professional, welcome advice at a crucial time. Always available and reasonable cost.

Posted 1 month ago

Anonymous

My case was relatively straight-forward. But even so, working with Redmans was easy, quick, professional & clear. Many thanks

Posted 1 month ago

Anonymous

The team were very helpful and answered all my questions regarding my redundancy. Initially I had a call with one of the representatives who escalated my request to a suitable employment solicitor. We arranged a call to discuss the settlement and she helped answer all my questions. We then mainly contacted through email which helped resolve the settlement quickly and convently. Thanks for all the help.

Posted 1 month ago

Djaouida T

You have good communication.

Posted 1 month ago

Anonymous

Fast and professional. A highly recommended company for employment related issues.

Posted 1 month ago

Anonymous

Very professional service.

Posted 1 month ago

Brittany

I was very grateful for Redmans to treat my case with respect and discretion. At the time, I was very new to London and it was meaningful to have someone on my side and win the case for me. Without any doubt, I would definitely recommend Redmans Solicitors to anyone who is in need of it.

Posted 9 months ago

Jake L

Chris is very professional and calm. Very attentive and patient, been a positive experience having Chris represent me, and would recommend him.

Posted 11 months ago

Anonymous

Excellent service. It was a pleasure to work with Chris H, who is brilliant at what he does and very efficient. Their Senior Associate Rana T. is also very knowledgeable and resolves any queries speedily and efficiently. My issue could unfortunately not be resolved, but that was due to my employer and not the firm. Redmans however did all they could. I would definitely recommend them.

Posted 11 months ago

Anonymous

Very pleasant and quick to deal with. Mnay thanks.

Posted 11 months ago

Anonymous

Easy to get hold of. Quick.

Posted 11 months ago

Owen J

Very helpful, efficient service.

Posted 11 months ago

Anonymous

I am very lucky that I worked with Mr. Chris Hadrill and he managed my case very progressively with an analytical approach and trustfully. Of course with a very positive result. I strongly recommend Mr. Hadrill to any one seeking for a successful result from a highly qualified solicitor.

Posted 11 months ago