Second term to see CEO continue leadership of regulator's new five-year strategy
Nikhil Rathi (pictured) has been reappointed for a second term as chief executive of the Financial Conduct Authority (FCA), HM Treasury has confirmed, as the regulator continues to drive reforms aimed at enhancing financial services in the UK.
Since first taking the role in October 2020, Rathi has overseen wide-ranging reforms, including the most significant changes to the listing regime in more than 30 years and the introduction of the Consumer Duty, which aims to ensure that financial products and services offer fair value and meet consumer needs. Under his leadership, the FCA has also prioritised quicker authorisations, increased enforcement activity, and reduced investigation times.
Rathi’s reappointment comes as the FCA pursues its new five-year strategy, which outlines four key priorities: becoming a smarter regulator, supporting economic growth, helping consumers navigate financial decisions, and combating financial crime.
“The FCA does vital work to enable a fair and thriving financial services sector for the good of consumers and the economy,” Rathi said. “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.”
FCA chair Ashley Alder welcomed the reappointment, saying Rathi is “the right leader in testing times.”
“His exemplary first term as chief executive has ensured the FCA is an organisation transformed,” Alder added. “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.”
The regulator has been tasked by the prime minister and chancellor with delivering reforms to boost investment and make the UK a more attractive business environment. As part of this, the FCA is reviewing and streamlining its rulebook to remove outdated and duplicate regulations, while maintaining protections for consumers.
Recent efforts under Rathi’s leadership include proposals to ease access to mortgages and provide greater support for start-ups and growing financial services firms. The government has also launched a Regulatory Action Plan aimed at cutting the cost of regulation by 25%, and merged the Payment Systems Regulator into the FCA to promote a more integrated and innovation-friendly payments sector.
“Nikhil Rathi has been crucial in this government’s efforts to reform regulation so it supports growth and boosts investment,” said chancellor Rachel Reeves. “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.”
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