Nikhil Rathi reappointed as Financial Conduct Authority chief

Nikhil Rathi has been reappointed as chief executive of the Financial Conduct Authority (FCA) for a second five-year term.

Chancellor of the Exchequer Rachel Reeves confirmed Rathi’s reappointment, highlighting the role he has played in driving key reforms to support economic growth and implement the government’s ambitious Plan for Change.

Rathi’s second term will focus on delivering a series of policy changes to simplify and modernise the UK’s regulatory environment, with a particular emphasis on supporting the growth of financial services firms.

As part of the government’s wider regulatory reform agenda, Rathi will continue to work with the Treasury on measures designed to boost economic growth. These efforts include the ambitious Regulatory Action Plan, which seeks to reduce the administrative burden of regulations by 25% and create an environment that fosters innovation and investment.

The government has already merged the Payment Systems Regulator with the FCA to streamline the regulatory process and promote competition in the payments sector.

Rathi said: “The FCA is committed to ensuring a fair and thriving financial services sector that works for consumers and the economy. We have made significant progress, and I look forward to continuing the important work ahead, particularly as we navigate these times of economic volatility.”

The FCA is due to release its second report later this summer detailing progress on its growth and competitiveness strategy.