The Chancellor has today announced that 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, , 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.
“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.”
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.”
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.”
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.
Notes to Editors
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.
