The Chancellor Rachel Reeves has confirmed the reappointment of Nikhil Rathi as Chief Executive of the Financial Conduct Authority (FCA) for a second five-year term until September 2030.
Nikhil Rathi will lead the FCA as it continues to drive reform to make the UK the best place to do business by removing unnecessary, outdated and duplicate regulations – whilst ensuring consumers are protected from detriment and can be confident in markets.
Last December, the Prime Minister and Chancellor set the FCA the challenge of coming up with ideas to boost economic growth. Since then, the FCA, under the leadership of Nikhil Rathi, has stepped up to this challenge to come up with a series of policy changes to boost growth, which will have benefits in the real economy, the UK Government said. This includes making it easier for people to get on the housing ladder through changes to the rules on mortgages and extra support to help financial services firms start and grow in the UK.
Chancellor of the Exchequer, Rachel Reeves, said:
“Nikhil Rathi has been crucial in this government’s efforts to reform regulation so it supports growth and boosts investment – 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.”
Chief Executive of the Financial Conduct Authority, Nikhil Rathi, said:
“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.”
Chair of the Financial Conduct Authority, Ashley Alder, said:
“I am delighted Nikhil has been reappointed. He’s the right leader in testing times. His exemplary first term as chief executive has ensured the FCA is an organisation transformed. We’ve set a new standard for consumer protection, made it easier for businesses to access capital and quicker for firms to get authorised. That provides the solid foundation to deliver our ambitious new strategy – to deepen trust, rebalance risk, support growth and improve lives.”
The FCA will publish its second report on how it has embedded its growth and competitiveness strategy later this summer.
