"While we must go further and faster in this age of volatility, the UK is well placed as a major international financial centre."
- Nikhil Rathi, CEO of the FCA
Nikhil Rathi joined the Financial Conduct Authority (FCA) in October 2020. Since then, the industry watchdog has undertaken reforms to strengthen the UK’s position in wholesale markets.
In 2023, the FCA introduced the Consumer Duty to help consumers get “the right support, communication they can understand, and products and services that meet their needs and offer fair value.”
The regulator published its five-year strategy in March, with four priorities: to be a smarter regulator, support economic growth, help consumers navigate their financial lives, and fight financial crime.
“I’m 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’m proud of the reforms we’ve delivered to support growth, bolster operational effectiveness, set higher standards and to keep our markets clean and open,” he said.
This year, the FCA will streamline its rulebook, lower costs for firms, and boost international competitiveness.
Ashley Alder, Chair of the FCA, added: “I’m delighted Nikhil has been reappointed. He’s the right leader in testing times. His exemplary first term as CEO 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.”
