UK Chancellor Rachel Reeves has confirmed that Nikhil Rathi has been reappointed as chief executive of the Financial Conduct Authority (FCA), extending his term until 2030.
In his second term, Rathi will work alongside the UK government on Reeves’ Regulatory Action Plan that aims to cut the administrative cost of regulation on business by 25%. The Government is also merging the Payment System Regulator into the FCA to boost the payments sector’s growth.
Under Rathi’s leadership, the FCA has implemented the Consumer Duty, turned a watchful eye on Big Tech, boosted diversity policies, and made it easier for startups to get new products to market using their regulatory sandbox.
Reeves stated: “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.”
Rathi commented: “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.”