Nikhil Rathi has been appointed as the new permanent chief executive of the Financial Conduct Authority (FCA), in a role he will take up in the autumn, HM Treasury said in a press release.

Rathi will succeed Christopher Woolard, who has acted as interim chief executive since Andrew Bailey stepped down from the post in March 2020.

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Christopher Woolard will continue as interim chief executive until his appointment begins.

Nikhil Rathi in 5-year appointment

Rathi, aged 40, has been appointed for a five-year term and will be paid an annual salary of £455,000, 12% pension, and will not be entitled to a bonus or paid any other benefits.

Rathi is currently the chief executive of London Stock Exchange plc.

From September 2009 to April 2014, he was director, financial services group at HM Treasury, during which time he led the Treasury’s work on the UK’s EU and international financial services interests.

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Rathi worked at the Treasury for more than a decade before joining the LSE and that he also served as private secretary to prime ministers Tony Blair and Gordon Brown between 2005 and 2008.

Rishi Sunak, the Chancellor of the Exchequer, said: “We have conducted a thorough, worldwide search for this crucial appointment and, through his wide-ranging experiences across financial services, I am confident that Nikhil will bring the ambitious vision and leadership this organisation demands.”

Charles Randell, chairman of the FCA, said: “Nikhil has been closely involved in guiding the FCA’s development through his roles on our practitioner panel and markets practitioner panel, and brings both private sector management skills and experience of domestic and international regulatory policymaking.

“I would also like to thank Christopher Woolard for steering the FCA through its initial response to Covid-19 with great energy and skill. He has been an exemplary leader in this very difficult period.”

Rathi said: “I am honoured to be appointed chief executive of the FCA. I look forward to building on the strong legacy of Andrew Bailey and the exceptional leadership of Christopher Woolard and the FCA executive team during the crisis. FCA colleagues can be very proud of their achievements in supporting consumers and the economy in all parts of the UK in recent months.

“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.”

BAME

On 14 July, The Times reported that following a freedom of information request to FCA, it was revealed that only seven women and no black candidates applied to be head of the City regulator. Data show that 43 men applied for the job to replace Mr Bailey.