London::
HM Treasury have today announced the appointment of Nikhil Rathi as the new permanent Chief Executive of the Financial Conduct Authority (FCA).
Nikhil is currently the Chief Executive of London Stock Exchange plc. From September 2009 to April 2014, he was director, Financial Services Group at HM Treasury. In this role, he led the Treasury’s work on the UK’s EU and international financial services interests. Nikhil is expected to take up the role in the Autumn.
On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).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.
Chancellor of the Exchequer, Rishi Sunak, said,“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.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.
Chair of the FCA, 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.
Nikhil Rathi said,“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.”
Nikhil will be paid an annual salary of £455,000, 12% pension, and will not be entitled to a bonus or paid any other benefits.