LSE Chief appointed as FCA boss

The Treasury has announced Nikhil Rathi, previously head of the London Stock Exchange, is to be the new chief executive of the Financial Conduct Authority (FCA)

He succeeds Christopher Woolard, who has acted as interim chief executive since Andrew Bailey stepped down from the post in March to become governor of the Bank of England.

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, 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.

‘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.’

Rathi is currently the Chief Executive of London Stock Exchange plc. From September 2009 to April 2014, he was director, Financial Services Group at the Treasury.

In this role, he led the Treasury’s work on the UK’s EU and international financial services interests.

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.’

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