On Monday, Chancellor Rishi Sunak appointed Nikhil Rathi who is Chief Executive of London Stock Exchange, as the New Chief Executive of the Financial Conduct Authority (FCA), which regulates UK financial markets and 59,000 financial services firms.
Nikhil Rathi, who will succeed Christopher Woolard, has been appointed for a five-year term. He has been closely involved in the listing of ‘masala bonds’ by Indian institutions on the London stock market in recent years.
Rishi Sunak stated that,“Nikhil is the outstanding candidate for the position of chief executive of the Financial Conduct Authority, and I am delighted that he has agreed to take up the role”.
Rishi further added that,“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”.
Financial Conduct Authority has an overeaching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
Nikhil Rathi stated that,“I am honoured…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”.
Source Link
Picture Source :
