FinTrU 'proposed restructuring': Union raises concerns over 114 redundancies
The Financial Services Union has called for fresh consultation and enhanced redundancy payments, raising concerns over proposals affecting 95 jobs in Belfast and 19 in Londonderry
A financial services union has raised concerns over proposed redundancies at FinTrU that could see 114 jobs lost across its Belfast and Londonderry operations.
The Financial Services Union (FSU) said the company had proposed 95 redundancies in Belfast and a further 19 in Derry, and has called for the consultation process to be restarted.
FinTrU is a financial technology company providing compliance, regulatory and risk management services to global financial institutions. Since establishing operations in Northern Ireland, the company has created hundreds of highly skilled jobs and attracted substantial investment to Belfast and Londonderry.
Craig Arden industrial relations organiser with the Financial Services Union, said: “The company has proposed 19 redundancies in Derry and a further 95 redundancies in Belfast. Workers have also been advised that, if selected for redundancy, they may receive only statutory redundancy payments despite enhanced redundancy terms having reportedly been applied in previous restructuring exercises.
“These proposed redundancies will have a significant impact on workers and their families in both Belfast and Derry. Our members are deeply concerned not only about the prospect of losing their jobs, but also about the fairness of the process being followed.
“The Financial Services Union has significant concerns regarding the procedural fairness of the redundancy process and has written to FinTrU CEO Darragh McCarthy outlining those concerns.
“We call on the company to restart the consultation process to ensure all affected employees receive fair and consistent treatment, to apply enhanced redundancy payments to support workers during the ongoing cost-of-living crisis, and to engage directly with the union throughout the process.
“FinTrU has been widely recognised as one of Northern Ireland's economic success stories. We believe workers who have contributed to that success deserve to be treated fairly, consulted meaningfully and provided with appropriate support if redundancies cannot be avoided.”
The FSU said it was continuing to support affected members and called on the company to engage directly with the union to ensure workers' concerns were heard and addressed throughout the consultation process.
In response, a FinTrU spokesperson confirmed: “FinTrU has initiated a proposed restructuring affecting a number of roles. This follows a wider strategic review and forms part of an organisational realignment to support the company’s long-term growth and ensure it remains aligned with evolving operational needs.
“Our people have been central to FinTrU’s success, and we are committed to supporting employees affected by these proposals throughout the consultation process.
“FinTrU is committed to conducting a fair, transparent and meaningful consultation process with colleagues who may be impacted by the current proposals. Out of respect for our employees and the ongoing consultation, we will not be providing further comment at this time.”