London Stock Exchange’s Rathi to head UK financial watchdog

Tuesday, 23 June 2020 01:47 - - {{hitsCtrl.values.hits}}

FILE PHOTO: Nikhil Rathi CEO of the London Stock Exchange UK Division arrives at 10 Downing Street in London, Britain - Reuters

LONDON (Reuters): Nikhil Rathi, head of the London Stock Exchange’s UK arm, has been appointed as chief executive of the Financial Conduct Authority (FCA), Britain’s finance ministry said on Monday.

Rathi, a former finance ministry official, will play a key role in helping Britain’s financial sector to navigate its departure from the European Union, its biggest customer.

“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,” Rathi said in a statement from the finance ministry.

The FCA has been led on an interim basis by Christopher Woolard since March, when Andrew Bailey left to become governor of the Bank of England.

“I am confident that Nikhil will bring the ambitious vision and leadership this organisation demands,” British finance minister Rishi Sunak said.

Before joining the LSE, Rathi was director of the finance ministry’s financial services group, leading work on EU and international financial services.

He has been appointed by the FCA for a five-year term.