Nikhil Rathi reappointed as Chief Executive of the Financial Conduct Authority
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.
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Nikhil Rathi’s reappointment for a second five-year term ensures continuity of leadership.
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Reappointment is critical for delivering key reforms to the regulatory environment to help boost growth and deliver the Plan for Change.
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The Financial Conduct Authority (FCA) has worked constructively with the government on growth mission, with refreshed ideas such as simplifying mortgage lending rules which will make it easier for first time buyers to get on the housing ladder.
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will lead the FCA as it continues to drive reform to make the UK the best place to do business by removing unnecessary, outdated and duplicate regulations - whilst ensuring consumers are protected from detriment and can be confident in markets.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. 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.
The Chancellor has since doubled down on the agenda to reform regulation with the radical Regulatory Action Plan. This cuts red tape by pledging to reduce the administrative cost of regulation on business by a quarter, to make Britain the best place in the world to do business.
The government started this programme of regulatory reforms by merging the Payment System Regulator primarily into the FCA to allow a more coordinated and streamlined approach, with a payments sector that promotes innovation and competition.
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 government will continue to work closely with regulators to ensure they are regulating for growth, not just risk.
The FCA will publish its second report on how it has embedded its growth and competitiveness strategy later this summer.
In the meantime, the FCA is continuing to examine the financial services regulatory landscape and working to eliminate any unnecessary rules that hold back growth.
More information
- The Chancellor and FCA CEO have exchanged letters on the reappointment.