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.

Chair of the FCA, Charles Randell, said:

“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.

“I would also like to thank Christopher Woolard for steering the FCA through its initial response to Covid-19 with great energy and skill. He has been an exemplary leader in this very difficult period.”

Nikhil Rathi said:

“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.”

Source: FCA

HM Treasury press release:

Delighted to appoint Nikhil Rathi as CEO of @theFCA.

I’m confident that he will bring ambitious vision and leadership to the role. I would also like to thank Christopher Woolard for his leadership, and dedication at the FCA in this challenging period. https://t.co/7RMefeJT7j

— Rishi Sunak (@RishiSunak) June 22, 2020

The Chancellor has today (22 June) announced that Nikhil Rathi will be the new Chief Executive of the Financial Conduct Authority (FCA).
He will succeed Christopher Woolard, who has acted as interim Chief Executive since Andrew Bailey stepped down from the post in March 2020. Mr Rathi is being appointed for a five-year term. Christopher Woolard will continue as interim Chief Executive until his appointment begins.

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.

I would also like to thank Christopher Woolard for the excellent job he has done in leading the FCA in this challenging period. His experience, dedication and professionalism have been greatly appreciated.

Chair of the FCA, Charles Randell, said:

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.

I would also like to thank Christopher Woolard for steering the FCA through its initial response to Covid-19 with great energy and skill. He has been an exemplary leader in this very difficult period.

Nikhil Rathi said:

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.

Mr Rathi 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.

Innovate Finance, which represents UK fintech:

Congratulations to Nikhil Rathi on being appointed CEO of @TheFCA! pic.twitter.com/p6L3dDY2Pi

— Innovate Finance (@InnFin) June 22, 2020

The UK Sustainable Investment and Finance Association:

Congratulations to Nikhil Rathi on his appointment as CEO of @TheFCA. Improving climate risk reporting will be a key priority when the world emerges from the turmoil of the coronavirus pandemic. https://t.co/8SsGouZJRc

— UKSIF Ben (@UKSIF_Ben) June 22, 2020

Catherine McGuinness, Policy Chair of the City of London Corporation said: “Together, we face the global challenges of stimulating a post-pandemic economic recovery, tackling climate change, and the rise of technology. Nikhil’s depth of experience of domestic and international regulatory policymaking will therefore be vitally important as we plot the path ahead, and support consumers and businesses across the UK.”

I warmly welcome @hmtreasury’s decision to appoint Nikhil Rathi as new CEO of @TheFCA. Full statement here?https://t.co/CfdpEE3VQ9

— Catherine McGuinness (@City_McGuinness) June 22, 2020

Nick Macpherson, former Permanent Secretary to the Treasury from 2005 to 2016:

Great appointment. Nikhil was one of the ablest officials I worked with at HM Treasury. He did a great job during the financial crisis and his wider experience at the London Stock Exchange will stand him in good stead. https://t.co/8n3bsFgNXz

— Nick Macpherson (@nickmacpherson2) June 22, 2020

London Stock Exchange Group statement:

London Stock Exchange Group (LSEG) today announces changes to the Board of London Stock Exchange plc, a wholly owned subsidiary of London Stock Exchange Group plc.

Michael Findlay has been appointed Non-Executive Chair of London Stock Exchange plc, as of 24 June. Michael Findlay has worked in financial services for over thirty years and brings deep capital markets and corporate experience, having held senior positions at Bank of America Merrill Lynch, Moelis & Company LLP and UBS. His current directorships include Non-Executive Director and Chair of the Audit & Risk Committee of Royal Mail plc and Chair of Morgan Sindall Group plc.

Don Robert, Chair, London Stock Exchange Group:“I would like to welcome Michael to the Group as Chair of London Stock Exchange plc. His extensive capital markets and Board-level experience will enable him to offer valuable insights to London Stock Exchange’s executive team and Board as it continues to develop its business.”

Michael Findlay:
“I am delighted to be joining London Stock Exchange plc’s Board as the Non-Executive Chair. I look forward to working with the Board and the executive team to continue to develop the business for the future.”

London Stock Exchange Group also notes the appointment of Nikhil Rathi as CEO of the UK Financial Conduct Authority announced today. Nikhil is currently CEO of London Stock Exchange plc.  LSEG today announces that

Denzil Jenkins will serve as interim CEO of London Stock Exchange plc, effective immediately. Denzil has worked in financial services for over twenty five years in roles at LSEG, Chi-X Europe, the FCA and Deutsche Bank. Prior to his current role as Global Head of Compliance, LSEG, Denzil was Head of UK Compliance & Group Regulatory Policy and Chief of Staff to the CEO, London Stock Exchange plc.

David Schwimmer, CEO, LSEG:
“I’d like to thank Nikhil for his significant contribution to the Group as CEO, London Stock Exchange plc and Group Director of International Development over the last six years. He has broadened our international reach and driven innovation across our markets. We wish him continued success.”