Since 2015, Rathi has served as chief executive of the London Stock Exchange’s UK division. He was also a director of the financial services division in the Treasury in 2009 for five years.
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.
In light of the Black Lives Matter protests, originated in Minneapolis, US, Rathi’s appointment is a “very big statement” as pointed out by former FCA board member Mick McAteer.
It sends a powerful signal that the FCA is likely to become more internationally focused in the post-Brexit world. The regulator is likely to play a bigger role in protecting the City as a pre-eminent international financial centre, given the potential loss of business post Brexit.
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