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Rishi Sunak appoints Indian-origin CEO as UK financial watchdog
Nikhil Rathi, who will succeed Christopher Woolard, has been appointed for a five-year term. He has been closely involved in the listing of ‘masala bonds’ by Indian institutions on the London stock market in recent years.
Chancellor Rishi Sunak on Monday appointed Nikhil Rathi, chief executive of London stock exchange, as the new chief executive of the Financial Conduct Authority (FCA), which regulates UK financial markets and 59,000 financial services firms.
Rathi, who will succeed Christopher Woolard, has been appointed for a five-year term. He has been closely involved in the listing of ‘masala bonds’ by Indian institutions on the London stock market in recent years.
“Nikhil is the outstanding candidate for the position of chief executive of the Financial Conduct Authority, and I am delighted that he has agreed to take up the role,” said Sunak.
“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,” he added.
The FCA is the conduct regulator for the UK’s financial markets, over 59,000 financial services firms, and the prudential supervisor for 49,000 firms, setting specific standards for 19,000 firms.
It has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
FCA chair Charles Randell said: “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”.
Rathi added: “I am honoured…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”.
