The Chancellor has today (22 June) announced that Nikhil Rathi will be the new Chief Executive of the Financial Conduct Authority (FCA)
He will succeed Christopher Woolard, who has acted as interim Chief Executive since Andrew Bailey stepped down from the post in March 2020. Mr Rathi is being appointed for a five-year term. Christopher Woolard will continue as interim Chief Executive until his appointment begins.
Chancellor of the Exchequer, Rishi Sunak, said:
Chair of the FCA, Charles Randell, said:
Nikhil Rathi said:
Mr Rathi is currently the Chief Executive of London Stock Exchange plc. From September 2009 to April 2014, he was Director, Financial Services Group at HM Treasury. In this role, he led the Treasury’s work on the UK’s EU and international financial services interests.
Further Information
The Financial Conduct Authority (FCA) is the conduct regulator for the UK’s financial markets, over 59,000 financial services firms, and the prudential supervisor for 49,000 firms, setting specific standards for 19,000 firms.
It has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
Under the Financial Services and Markets Act 2000 as amended, the Chief Executive of the Financial Conduct Authority is appointed by the Treasury.