UK Chancellor of the Exchequer Rishi Sunak announced the appointment of Indian-origin chief of the London Stock Exchange Nikhil Rathi as the new chief executive of the UK's Financial Conduct Authority (FCA).
Describing Rathi as an "outstanding candidate", Sunak said, "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."
Sunak thanked the FCA's interim CEO Christopher Woolard for his work while the search for a new candidate was undertaken after former FCA chief executive Andrew Bailey left the post to take over as Bank of England Governor in March.
Rathi has been appointed for a five-year term. He has been closely involved in the listing of ‘masala bonds’ by Indian institutions on the London stock market in recent years.
He worked within the government ranks at the UK Treasury as Director of the Financial Services Group between 2009-2014 before his private sector role at the London Stock Exchange.
"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," said Rathi.
The 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.