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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

4.76 Average

164 Reviews

Samantha K

Absolutely brilliant thank you. Caroline Lewis is a legend

Posted 2 weeks ago

Anonymous

The legal advice was clear and helpful.

Posted 2 weeks ago

Davinder P

Good Service

Posted 2 weeks ago

Adrian V

I was using Redmans services for a Settlement Agreement. Very quick and professional service. The outcome was favourable and I was very pleased with the amendments and results. Pretty glad to recommend them for any type of legal advice.

Posted 2 weeks ago

Anonymous

Very responsive, efficient, clear and supportive. Thank you! Highly recommend.

Posted 3 weeks ago

Tiago S

Chris was always prompt to help me with legal matters that are beyond my comprehension and very helpful leasing with my former employer. I would recommend Redmans Solicitors to everyone who needs help.

Posted 3 weeks ago

Anonymous

Fast and professional advice tailored to what was needed. Thanks for your help Chris Hadrill and team.

Posted 3 weeks ago

Peter S

Really pleased with the outcome and the advice I had from Chris and Sacha.

Posted 3 weeks ago

Harika A

Redmans solicitor's helped me with my settlement agreement, Chris has been very helpful throughout the process.He was very prompt in his responses and made my settlement look simple.Special thanks to Caroline for her efficient communication, thorough explaination of contract terminology and negotiations.I highly reccommend Redmans solicitors for anyone seeking employment related legal help.

Posted 4 weeks ago

Anonymous

Good and quick service

Posted 4 weeks ago

Ricky D

Very satisfying to be assured of such attention and professionalism.

Posted 4 weeks ago

Anonymous

Excellent service - thankyou

Posted 4 weeks ago

Anonymous

Efficient, timely and friendly support and advice

Posted 4 weeks ago

Ahmed S

They are always on hand when you need them and provide support even when its not necessary.

Posted 4 weeks ago

Nemen S

Wonderful experience.Chris was very responsive and provided an excellent service. A real professional who I would recommend to anyone

Posted 4 weeks ago

Anonymous

Their guidance was clear and they provided me with all the information I required. Friendly yet professional

Posted 4 weeks ago

Anonymous

Chris @ Redmans assisted me with an employment issue. Firstly, he was very proactive in coming back to my initial enquiry and then helped to clearly lay out the options that I had in relation to my position. He then assisted with the preparation of my case, which led to a very satisfactory outcome. I would highly recommend the quality of service & professionalism offered by Redmans Solicitors.

Posted 4 weeks ago

Anonymous

Great service

Posted 4 weeks ago

Anonymous

Chris was very effective and decisive in dealing with my matter. I felt guided, and the pressure to make decisions was taken off my shoulders; he knew what needed to be done and I was happy to follow his advice. The result of the legal dispute was a great success for me. He is also kind and personable. The only thing that I would say it could be improved, is the accuracy of cost estimation at the beginning: not many activites, that could not have been forseen had to take place, but costs went up more than double in the end. Overall very good and trustworthy. I would definately recommend and use Redmans services again.

Posted 4 weeks ago

Liz P

An excellent professional service was provided by Chris Hadrill and Mel Chin. Efficient and trustworthy - would highly recommend this company.

Posted 1 month ago

Anonymous

Redmans Solicitors were great. They were able to advice me quickly and efficiently! I would recommend them, as a good solicitors to use.

Posted 1 month ago