Nikhil Rathi has been appointed as the new Chief Executive of the UK Financial Conduct Authority (FCA).
Rathi is currently the Chief Executive of the London Stock Exchange and prior to that, he was the Director, Financial Services Group at HM Treasury. Rathi is expected to take up the FCA leadership role this fall.
Chair of the FCA, Charles Randell, commented on the news:
“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.
Randell also thanked Christopher Woolard, acting FCA Chief Executive, as being an “exemplary leader in this very difficult period.”
Rathi made the following statement:
“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.”
While at the London Stock Exchange, Rathi was an advocate of leveraging technology to develop new products.
London Stock Exchange Group (LSEG) said on Wednesday it had invested in a start-up that lets companies issue debt on blockchain, signalling growing interest from mainstream finance in the technology behind cryptocurrencies.
For example, the LSEG led a $20 million investment round in Nivaura, a digital asset platform used for issuing and administering securities using blockchain technology.