Nikhil Rathi has been reappointed as chief executive of the Financial Conduct Authority for a second five-year term.
The Treasury said Rathi’s reappointment will ensure “continuity of leadership” and will be critical for delivering key reforms to the regulatory environment.
Since joining in October 2020, Rathi has overseen the introduction of the Consumer Duty and has undertaken reforms to strengthen the UK’s position in wholesale markets.
In December, the Prime Minister and Chancellor set the FCA the challenge of coming up with ideas to boost economic growth. Since then, the regulator, under the leadership of Rathi, has stepped up to this challenge with a series of policy changes to boost growth, the Treasury said.
Last month, the FCA published a new five-year strategy with four priorities; to be a smarter regulator, support economic growth, help consumers navigate their financial lives and fight financial crime.
Chancellor of the Exchequer Rachel Reeves said: “Nikhil Rathi has been crucial in this government’s efforts to reform regulation so it supports growth and boosts investment. I am delighted he will be continuing his leadership of the FCA. We want the FCA to go further and faster to deliver this government’s Plan for Change and we look forward to continuing to work together to achieve this.”
Nikhil Rathi, chief executive of the FCA, said: “The FCA does vital work to enable a fair and thriving financial services sector for the good of consumers and the economy. I am proud of the reforms we have delivered to support growth, bolster operational effectiveness, set higher standards and to keep our markets clean and open.
“While we must go further and faster in this age of volatility, the UK is well placed as a major international financial centre.”
