Chancellor, Rachel Reeves, has confirmed the reappointment of Nikhil Rathi as Financial Conduct Authority (FCA) chief executive.

Rathi has been appointed for a second five-year term, which will run until September 2030.

He will continue to lead the regulator as it seeks to drive reforms that aim to remove unnecessary, outdated and duplicate regulations to make the UK “the best place to do business”, while ensuring consumers are protected and confident in the market.

Under Rathi’s leadership, the FCA has set several policy changes in motion that aim to support the government’s growth agenda, including additional support for financial services firms to start and grow in the UK.

He has also overseen the implementation of Consumer Duty and Sustainability Disclosure Requirements, and the development of the Advice/Guidance Boundary Review.

Reeves also recently announced the Regulatory Action Plan, which will see reforms to the FCA including the merger of the Payment System Regulator primarily into the FCA to allow a “more coordinated and streamlined approach”.

“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,” Reeves stated.

“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 commented: “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 to 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.”

FCA chair, Ashley Alder, added: “I am delighted Nikhil has been reappointed. He’s the right leader in testing times.

“His exemplary first term as chief executive has ensured the FCA is an organisation transformed. We’ve set a new standard for consumer protection, made it easier for businesses to access capital and quicker for firms to get authorised.

“That provides the solid foundation to deliver our ambitious new strategy - to deepen trust, rebalance risk, support growth and improve lives.”

This article originally appeared on our sister title, Wealth Investment News.

---