HM Treasury have today announced(link is external) the appointment of Nikhil Rathi as the new permanent Chief Executive of the Financial Conduct Authority (FCA).
Nikhil 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. Nikhil is expected to take up the role in the Autumn.
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.
“I would also like to thank Christopher Woolard for steering the FCA through its initial response to Covid-19 with great energy and skill. He has been an exemplary leader in this very difficult period.”
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.”
Notes to editors
HM Treasury’s press release(link is external).
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.
Nikhil date of birth: 5 August 1979
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.
It has been agreed that Nikhil will have no remaining interests in LSE Group shares, whether under Long Term Incentive Plans or otherwise, at the point he joins the FCA. It has also been agreed that he will not be involved in supervisory or enforcement decisions relating to the LSE Group until 22 June 2021.
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).
The FCA 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.
Taken from – https://www.fca.org.uk/news/press-releases/nikhil-rathi-appointed-new-chief-executive-fca