UK Chancellor Rachel Reeves has confirmed the reappointment of Nikhil Rathi as chief executive of the Financial Conduct Authority (FCA), extending his term until 2030.
In his second term, Rathi will collaborate with the UK government on Reeves’ Regulatory Action Plan, which aims to reduce the administrative cost of regulation on businesses by 25%. Additionally, the government plans to merge the Payment System Regulator into the FCA to enhance the growth of the payments sector.
Under Rathi’s leadership, the FCA has introduced the Consumer Duty, closely monitored Big Tech, strengthened diversity policies, and facilitated startups in launching new products through their regulatory sandbox.
Reeves stated: “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.”
Rathi expressed his gratitude for the reappointment, stating: “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 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.”