Nikhil Rathi – chief executive of the London Stock Exchange (LSE) – has been named as the new chief executive of the Financial Conduct Authority (FCA).
Rathi takes over from interim chief executive Christopher Woolard, who stepped into the role in March 2020 when former chief executive Andrew Bailey left the regulator to become governor of the Bank of England.
Chancellor of the Exchequer, Rishi Sunak, said: “Nikhil is the outstanding candidate for the position of chief executive of the FCA, and I am delighted that he has agreed to take up the role.
“We have conducted a thorough, worldwide search for this crucial appointment and, through his wide-ranging experiences across financial services, I am confident that Nikhil will bring the ambitious vision and leadership this organisation demands.
“I would also like to thank Christopher Woolard for the excellent job he has done in leading the FCA in this challenging period. His experience, dedication and professionalism have been greatly appreciated.”
Rathi has been chief executive of the LSE since 2014. Prior to that, he was director, financial services group at HM Treasury for five years. In that role, he led the Treasury’s work on the UK’s EU and international financial services interests.
“I am honoured to be appointed chief executive of the FCA,” said Rathi.
“I look forward to building on the strong legacy of Andrew Bailey and the exceptional leadership of Christopher Woolard and the FCA executive team during the crisis. FCA colleagues can be very proud of their achievements in supporting consumers and the economy in all parts of the UK in recent months.
“In the years ahead, we will create together an even more diverse organisation, supporting the recovery with a special focus on vulnerable consumers, embracing new technology, playing our part in tackling climate change, enforcing high standards and ensuring the UK is a thought leader in international regulatory discussions.”
Rathi is expected to take up the role in the Autumn. He will serve a five-year term.