The new candidate will start in the autumn, with interim chief executive Chris Woolard continuing in his role until then
The Financial Conduct Authority (FCA) has appointed Nikhil Rathi as its new chief executive for a five-year term.
He will succeed Christopher Woolard who has acted as the interim chief executive since Andrew Bailey stepped down back in March.
Woolard will continue in his role until the autumn.
Rathi is currently the chief executive of the London Stock Exchange, and from September 2009 to April 2014 he was director of the financial services group at HM Treasury where he led the treasury’s work on the UK’s EU and International financial services interests.
FCA Charles Randell said: “I look forward to working with him [Rathi] 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 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.”
And Rathi said he was honoured to be appointed as chief executive of the FCA.
“I look forward to building on the strong legacy of Bailey and the exceptional leadership of Woolard and the FCA Executive team during the crisis,” he said. ’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.”
The chancellor of the exchequer, Rishi Sunak, also welcomed Rath to his new rolei.
“[Rathi] is the outstanding candidate for the position of chief executive of the FCA, and I am delighted that he has agreed to take up the role,” he 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 [Rathi] will bring the ambitious vision and leadership this organisation demands.”
Sunak also thanked Woolard for the “excellent job he has done in leading the FCA in this challenging period” and that his experience, dedication and professionalism have been greatly appreciated.