The UK Financial Conduct Authority announced earlier this week the appointment of UK head of London Stock Exchange, Nikhil Rathi, as chief executive officer and making him the first BAME leader of the regulator.
Chair of the FCA, Charles Randell, commented:
I warmly welcome Nikhil to the FCA. I look forward to working with him as he leads the FCA to deliver the next phase of its mission. 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 will replace Andrew Bailey, who led the UK regulator for four years. In March, Bailey became governor of the Bank of England in March. Christopher Woolard has been serving as interim CEO since January.
Since 2015, Rathi has served as chief executive of the London Stock Exchange’s UK division. He was also a director of the financial services division in the Treasury in 2009 for five years.
I am honoured to be appointed Chief Executive of the Financial Conduct Authority. 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. 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.
In light of the Black Lives Matter protests, originated in Minneapolis, US, Rathi’s appointment is a “very big statement” as pointed out by former FCA board member Mick McAteer.
McAteer noted:
It sends a powerful signal that the FCA is likely to become more internationally focused in the post-Brexit world. The regulator is likely to play a bigger role in protecting the City as a pre-eminent international financial centre, given the potential loss of business post Brexit.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
