The chancellor of the Financial Conduct Authority (FCA) announced today that Nikhil Rathi will be the FCA’s new chief executive.
He will succeed Christopher Woolard, who has acted as interim chief executive since Andrew Bailey stepped down from the post in March 2020, the FCA revealed.
Rathi is being appointed for a five-year term. Christopher Woolard will continue as interim chief executive until his appointment begins.
Rathi is currently the chief executive of London Stock Exchange. 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 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,” chancellor of the Exchequer, Rishi 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.”
“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,” he added.
Steering the FCA through challenging times: Christopher Woolard
“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,” said Charles Randell, chair of the FCA.
“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,” he continued.
“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,” Rathi commented on his appointment.
“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,” he concluded.