LONDON, (Reuters) – Unite in Britain said Tuesday that 87% members of the Financial Conduct Authority (FCA), had voted to support industrial action against changes to remuneration.

Unite declared in a statement, “Unless Unite has reached a negotiated settlement,”

FCA had not yet commented but said its proposals for pay were geared toward those least well paid and that the FCA would release the results by March following extensive consultations with staff.

Sharon Graham (NYSE:), Unite General Secretary, stated that FCA employees told the watchdog the proposed changes would be detrimental and destroy any goodwill they had.

Unite indicated that it would engage in negotiations with the regulator via the ACAS voluntary arbitration scheme once the watchdog has agreed.

Graham declared that Nikhil Rathi should lead the fight against financial industry malpractices and not just his employees.

Unite stated that it cannot disclose the membership numbers of FCA employees while Unite was also undergoing a ballot for official recognition.

Sky News reports that Richard Lloyd (who led British consumer group Which?), will be named as the FCA’s new chairman. For five years, Lloyd served as interim chair. Charles Randell announced that Lloyd would step down.

The news comes as the FCA undergoes major internal changes under Rathi, who has revamped his executive team after an independent review said the watchdog botched the supervision of now collapsed investment company London Capital & Finance.