Nikhil Rathi has been appointed as chief executive of the Financial Conduct Authority (FCA) following Andrew Bailey’s move to the Bank of England as governor earlier this year.
Rathi is currently chief executive of the London Stock Exchange and his appointment has been approved by HM Treasury, where he had previously been financial services group director from September 2009 to April 2014, leading on the department's work on EU and international financial services interests.
He is expected to take up the role for a five-year term in the autumn, with Christopher Woolard serving in the role on an interim basis until then.
FCA chairman Charles Randell welcomed Rathi's appointment, stating: "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."
He also thanked Woolard for "steering the FCA through its initial response to Covid-19 with great energy and skill".
Rathi said: "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."
During his time at the Treasury, Rathi was also head of the financial stability unit, overseeing the UK's financial interventions during the global financial crisis. He also served as private secretary to prime ministers Tony Blair and Gordon Brown between 2005 and 2008.
Chancellor Rishi Sunak said: "Nikhil 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.
"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."
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