Nikhil Rathi appointed as new Chief Executive of the FCA
The Chancellor has today (22nd June 2020) announced that Nikhil Rathi will be the new Chief Executive of the Financial Conduct Authority (FCA). Nikhil is currently the Chief Executive of London Stock Exchange plc and is expected to take up the role in the Autumn. Under the Financial Services and Markets Act 2000 as amended, the Chief Executive of the Financial Conduct Authority is appointed by the Treasury. Nikhil will be paid an annual salary of £455,000, 12% pension, and will not be entitled to a bonus or paid any other benefits. Mr Rathi is being appointed for a five-year term.
Chancellor of the Exchequer, Rishi Sunak, said:
“Nikhil is the outstanding candidate for the position of Chief Executive of the Financial Conduct Authority, 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.”
Chair of the FCA, Charles Randell, said:
“I warmly welcome Nikhil to the FCA. I look forward to working with him as he leads the FCA to deliver the next phase of its mission. Nikhil has been closely involved in guiding the FCA’s development through his roles on our Practitioner Panel and Markets Practitioner Panel, and brings both private sector management skills and experience of domestic and international regulatory policymaking.”
Nikhil Rathi said:
“I am honoured to be appointed Chief Executive of the Financial Conduct Authority. 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.”
About Nikhil Rathi
Nikhil Rathi is currently the Chief Executive Officer of London Stock Exchange plc and Director of International Development, London Stock Exchange Group. His background and experience are in public policy and financial services regulation, following a distinguished career at the Treasury. Since 2014, he has worked at the London Stock Exchange, as Director for International Development and as 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.
About The Financial Conduct Authority (FCA)
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;
- to promote effective competition in the interests of consumers.
On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA). For further information visit https://www.fca.org.uk/
