The Treasury has announced the appointment of Nikhil Rathi as the new permanent chief executive of the FCA.

He will succeed Christopher Woolard, who has acted as interim chief executive since Andrew Bailey stepped down from the post in March 2020.

Rathi is currently chief executive of London Stock Exchange, and is expected to take up his new role with the FCA in the Autumn. From September 2009 to April 2014, he was director, financial services group at the Treasury, where he led the Treasury’s work on the UK’s EU and international financial services interests.

Chancellor, Rishi Sunak, commented: “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.”

Rathi revealed that he was “honoured” to be appointed into the new role.

“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,” he commented. “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.”

Chair of the FCA, Charles Randell, added: “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.”

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