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Tuesday, July 7, 2020

Chancellor picks former Treasury insider to lead FCA

The chancellor has picked Nikhil Rathi, the UK head of the London Stock Exchange, as the next leader of the City regulator, rather than its interim boss.The selection of Mr Rathi, who rose rapidly
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The appointment reflects the government’s focus on how to shape the UK’s financial markets in a post-Brexit world

The appointment reflects the government’s focus on how to shape the UK’s financial markets in a post-Brexit world

ALAMY

The chancellor has picked Nikhil Rathi, the UK head of the London Stock Exchange, as the next leader of the City regulator, rather than its interim boss.

The selection of Mr Rathi, who rose rapidly through the ranks of the Treasury before jumping to the private sector in 2014, as the next chief executive of the Financial Conduct Authority surprised the City. It is likely to trigger the departure of Chris Woolard, who has run the regulator on a temporary basis since Andrew Bailey left to become Bank of England governor in March.

Rishi Sunak said that Mr Rathi was the “outstanding candidate” for the FCA job. “We have conducted a thorough, worldwide search for this crucial appointment,” he added. Mr Sunak chose Mr Rathi

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