Staff at the Financial Conduct Authority (FCA) have launched a fresh strike in a dispute over union recognition.
Members of Unite in London and Edinburgh walked out on Thursday for 48 hours, mounting picket lines.
The union claimed a Freedom of Information request revealed that 1,000 employees have left the financial regulator since October 2020.
Unite general secretary Sharon Graham said: “The FCA is in a deep crisis but it’s a crisis of its own making.
“Unite is determined that this workforce does not pay the price for appalling management decisions, which is why our members are taking strike action because they want to be represented by their union.
“The FCA can restore confidence if it chooses to. It is very simple – they can work with Unite to improve pay, terms and conditions and accept the desire of this workforce to be represented by our union, or they can face ongoing strike action.”
Staff have also been “working to rule” since May, withdrawing overtime and additional work they currently do outside of their contractual duties.
The FCA maintained there had been 721 voluntary resignations since October 2020, with sources saying the turnover was in line with what has happened historically, adding that the organisation is recruiting heavily.
An FCA spokesman said: “We said that the statutory process for recognition conducted through the independent Central Arbitration Committee was the best way of assessing the views of all colleagues on collective bargaining.
“Following the CAC’s decision, we want to have an open conversation with all our colleagues about how their voice is represented – listening and responding to the diverse range of views and opinions we’re proud of at the FCA.”