Nikhil Rathi has been reappointed by the Treasury to serve a second term as chief executive of the Financial Conduct Authority (FCA).

Rathi, who has been in the role at the regulator since 2020, will see his second term run until September 2030.

Since Rathi joined the FCA, the regulator has undertaken reforms to strengthen the UK’s position in wholesale markets, including the biggest changes to the listing regime in over three decades. It also introduced Consumer Duty in 2021 to improve the standards of advice and support that firms across financial services are giving to customers.

However, Rathi’s first term has overseen the regulator’s relationship with the Government come under public scrutiny, while the FCA also recently opted to scrap its “name and shame” proposals following widespread criticism from the financial services industry.

Last month, as part of the Chancellor’s regulatory reform to “cut red tape”, Rachel Reeves announced a plan to merge the Payment System Regulator into the FCA to allow for a more streamlined approach, and Reeves said that Rathi had “stepped up to the challenge” of coming up with policy changes.

“Nikhil Rathi has been crucial in this Government’s efforts to reform regulation so it supports growth and boosts investment,” Reeves said.

“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.”

Rathi added: “I am honoured to be reappointed by the Chancellor. 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.”

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