Chancellor Rishi Sunak, who made the appointment, said Rathi was the outstanding candidate for the position. “I would also like to thank Christopher Woolard for steering the FCA through its initial response to Covid-19 with great energy and skill. "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. During his time at the Treasury, Rathi was also head of the financial stability unit, overseeing the UK's financial interventions during the global financial crisis. '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. FCA colleagues can be very proud of their achievements in supporting consumers and the economy in all parts of the UK in recent months. The Morrison government is no longer fixated on a surplus – but for how long? He will play a key role in making sure banks and financial institutions are not mistreating businesses during the coronavirus crisis and in steering the financial sector through a post-Brexit Britain. Nikhil will be paid an annual salary of £455,000, 12% pension, and will not be entitled to a bonus or paid any other benefits. He is expected to take up the role for a five-year term in the autumn, with Christopher Woolard serving in the role on an interim basis until then. 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"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.". 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. This experience will likely help him navigate the post-Brexit regulatory scenario, according to Ian Mason, a former head of enforcement at the FCA and currently head of UK financial services at law firm Gowling WLG. 4:38 . Rathi, 40, is taking over from interim chief Christopher Woolard, who was appointed in January when Andrew Bailey left to take the top job at the Bank of England. All rights reserved. Nikhil Rathi is currently the Chief Executive Officer of London Stock Exchange plc and Director of International Development, London Stock Exchange Group. His experience, dedication and professionalism have been greatly appreciated. Access your subscription from outside of the office, Get relevant news and insight straight to your inbox. With an unmissable line-up of dynamic speakers ranged across three streams focusing on what matters most to advisers PA360 will inform, educate and inspire, allowing delegates to meet new service providers and professional partners, and provide invaluable networking opportunities. Rathi will be paid an annual salary of £455,000, 12 per cent pension, and will not be entitled to a bonus or paid any other benefits, the FCA said. Nikhil Rathi has been appointed as chief executive of the Financial Conduct Authority (FCA) following Andrew Bailey’s move to the Bank of England as governor earlier this year. City watchdog the FCA names London Stock Exchange boss Nikhil Rathi as its new chief executive Camilla Canocchi for Thisismoney.co.uk . Professional Adviser and Retirement Planner are proud to host the 2020 Women In Financial Advice Awards, which will celebrate the achievements of women working within the financial advice community and also the broader financial services sector. Since 2014, he has worked at the London Stock Exchange, as Director for International Development and as Chief Executive of London Stock Exchange plc. "I would also like to thank Christopher Woolard for the excellent job he has done in leading the FCA in this challenging period. Nikhil is currently the Chief Executive of London Stock Exchange plc. Chancellor Rishi Sunak said: "Nikhil is the outstanding candidate for the position of chief executive of the FCA, and I am delighted that he has agreed to take up the role. He also served as private secretary to prime ministers Tony Blair and Gordon Brown between 2005 and 2008. 'Mr Rathi's work at the Treasury on EU and international markets will be important in working with the Government to navigate a workable regulatory outcome on Brexit for the UK,' he said. Nikhil Rathi, the boss of the London Stock Exchange, has been appointed as the new chief executive of the Financial Conduct Authority. HM Treasury have today announced the appointment of Nikhil Rathi as the new permanent Chief Executive of the Financial Conduct Authority (FCA). His background and experience are in public policy and financial services regulation, following a distinguished career at the Treasury. Copyright © 2020 FCA. It has also been agreed that he will not be involved in supervisory or enforcement decisions relating to the LSE Group until 22 June 2021. His background and experience are in public policy and financial services regulation, following a distinguished career at the Treasury. The new chief executive of the FCA Nikhil Rathi. The FCA chairman, Charles Randell, said: 'I look forward to working with him as he leads the FCA to deliver the next phase of its mission. The FCA has an overarching strategic objective of ensuring the relevant markets function well. 'His CEO role at the London Stock Exchange will have provided commercial experience at the sharp end of the financial markets.'. He added: '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.'. nikhil rathi ceo london stock exchange Blogs, Comments and Archive News on Economictimes.com Research shows drop in Imposter Syndrome while working from home during lockdown. nikhil rathi ceo london stock exchange Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. 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.". 'FCA colleagues can be very proud of their achievements in supporting consumers and the economy in all parts of the UK in recent months,' he said. A comprehensive 360-degree view of financial advice underpins PA360 Conference. He has been an exemplary leader in this very difficult period.”. I look forward to working with him as he leads the FCA to deliver the next phase of its mission. “I am honoured to be appointed Chief Executive of the Financial Conduct Authority. BroadcastExchange 20,534 views. 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He will also be a member of the LSEG Executive Committee. As part of his appointment, Rathi must sell all shareholdings he has in the London Stock Exchange Group and will be unable to be involved in any decisions with the group for a year. ", © Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013. On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA). Rathi said: "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. He also thanked Woolard for "steering the FCA through its initial response to Covid-19 with great energy and skill". 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I look forward to working with him as he leads the FCA to deliver the next phase of its mission. london stock exchange HD - Duration: 4:38. 22/06/2020. Rathi takes over at a difficult time for the city watchdog, which has been heavily criticised recently, especially throughout the Neil Woodford saga for providing inadequate protection of investors. 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. In this role, he led the Treasury’s work on the UK’s EU and international financial services interests. Nikhil Rathi has been appointed as chief executive of the Financial Conduct Authority (FCA) following Andrew Bailey’s move to the Bank of England as governor earlier this year. From September 2009 to April 2014, he was Director, Financial Services Group at HM Treasury. “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.”. It has been agreed that Nikhil will have no remaining interests in LSE Group shares, whether under Long Term Incentive Plans or otherwise, at the point he joins the FCA. Sign up to receive email alerts about our events. Prior to joining the LSE, Rathi worked for the Treasury between 2009 and 2014 where he led on the UK's EU and international financial services interests. Contact us by web chat, email, phone or post: See the latest news stories, speeches, statements, press releases and warnings. FCA colleagues can be very proud of their achievements in supporting consumers and the economy in all parts of the UK in recent months. 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. “I warmly welcome Nikhil to the FCA. The first BAME leader of the FCA, which was founded in 2013, Rathi said he would work towards creating 'an even more diverse organisation'. Rathi is currently chief executive of the London Stock Exchange and his appointment has been approved by HM Treasury, where he had previously been financial services group director from September 2009 to April 2014, leading on the department's work on EU and international financial services interests. '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.'. FCA chairman Charles Randell welcomed Rathi's appointment: "I warmly welcome Nikhil to the FCA. Professional Adviser is delighted to announce the second annual New Talent Awards in partnership with Architas to celebrate the emerging talent in financial advice - recognising and identifying the sector's future leaders as well as shining the spotlight on the organisations and individuals that are helping develop and foster new talent in the industry. London Stock Exchange Group (LSEG) is pleased to announce the appointment of Nikhil Rathi as Head of International Development and Chief of Staff. Nikhil Rathi is currently the Chief Executive Officer of London Stock Exchange plc and Director of International Development, London Stock Exchange Group. Kurzgesagt – … Nikhil is expected to take up the role in the Autumn. A series of invitation only "meet the manager" lunches to discuss how a multi-asset strategy can benefit your clients and your business. Nikhil Rathi, head of the London Stock Exchange's UK division, has been appointed chief executive of the Financial Conduct Authority (FCA), Britain's finance ministry said on Monday.
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