Financial Conduct Authority
Nikhil Rathi appointed as new Chief Executive of the FCA
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.
- Find out more information about the FCA.
Latest News from
Financial Conduct Authority
FCA commences civil proceedings in relation to alleged unauthorised regulated mortgage contracts and sale & rent back agreements14/07/2020 12:25:00
The FCA has commenced proceedings in the High Court against London Property Investments (U.K) Limited (LPI), NPI Holdings Limited (NPI), Daniel Stevens (the sole director and shareholder of both companies) and his father Anthony Kafetzis.
FCA announces proposals to further support motor finance and high cost credit customers06/07/2020 12:25:00
The FCA recently (03 July 2020) announced proposals which would provide continued support for users of motor finance and high cost credit products, who continue to face payment difficulties due to coronavirus (Covid-19).
FCA publishes Decision Notice against former Worldspreads CEO for market misconduct06/07/2020 10:10:00
The Financial Conduct Authority (FCA) has published a Decision Notice in respect of Conor Foley, the former Chief Executive Officer of Worldspreads, fining him £658,900 for market abuse and banning him from performing any roles linked to regulated activity.
FCA confirms further support for consumer credit customers02/07/2020 12:25:00
The FCA yesterday confirmed the support users of certain consumer credit products will receive if they are still experiencing temporary payment difficulties due to coronavirus (Covid-19).
High Court finds against illegal pension introducers, Avacade and others01/07/2020 15:43:00
Today the High Court ruled in favour of the FCA in a civil action against 2 firms and their directors who provided pension services to consumers without FCA authorisation.
FCA research reveals 1.1million spike in cryptoasset buyers01/07/2020 12:25:00
An estimated 2.6 million UK consumers have bought cryptoassets at some point, new FCA research reveals.
The Climate Financial Risk Forum publishes its guide to help the financial industry address climate-related financial risks30/06/2020 12:25:00
The Climate Financial Risk Forum (CFRF) yesterday published a guide written by industry for industry to help firms approach and address climate-related financial risks.
FCA publicly censures Redcentric PLC for market abuse29/06/2020 12:25:00
The FCA recently (26 June 2020) issued a public censure to Redcentric PLC (Redcentric) for committing market abuse between 9 November 2015 and 7 November 2016. Redcentric has agreed to provide compensation to affected investors.