LONDON, April 10 (PTI) India-Olyn, FCA CEO Nikhil Rathi, was reappointed his second term on Thursday by Chancellor Rachel Reeves’ prime minister.
Reeves described Rathi as “critical” to the leadership of financial regulators, and said she hopes he continues to work to boost economic growth and investment over the new five years.
FCA is the regulator of the UK financial markets and over 40,000 financial services companies, responsible for putting it in charge.
“Nikhil Rathi is crucial to the government’s efforts to reform regulation, so it supports growth and improves investment – I’m glad he will continue to lead the FCA,” Reeves said in a statement from the UK Treasury.
“We hope the FCA goes further and realizes the government’s change plan faster and we look forward to continuing to work together to achieve this,” she said.
The Ministry of Finance said Rathi will lead the FCA as it continues to work to make the UK “the best place to do business by eliminating unnecessary, outdated and duplicate regulations” while ensuring consumers are protected from harm and can be confident in the market.
“The FCA really provides an important work for a fair and thriving financial services sector for consumer and economic interests,” Rathi responded to his reappointment.
“I am proud to support reforms that support growth, enhance operational efficiency, set higher standards and keep our markets clean and open. Although we have to go faster and faster in this era of volatility, the UK is all good as a major international financial center.”
The 45-year-old financial expert has parental roots in Rajasthan and Madhya Pradesh, born and raised in northern England. At that time, he was appointed CEO of the FCA in 2022 and head of the London Stock Exchange in 2022.
Prime Ministers Keir Starmer and Reeves set the FCA challenge to propose ideas to boost economic growth in December, according to the Treasury Department.
Since then, financial regulators are said to have strengthened this challenge to propose a range of policy changes, including additional support that makes it easier for people to help financial services companies start and grow in the UK through changes to mortgage rules and additional support.
FCA President Ashley Alder welcomed Rathi’s second term as “the right leader in testing time.”
“He as CEO ensures that FCA’s model first term is a transformational organization. We set new standards for consumer protection, making it easier for businesses to access capital and make companies authorized faster. This provides a strong foundation with our ambitious new strategies to deepen trust, rebalancing risks, support growth and improve lives, which provides us with an ambitious new strategy.
To allow for a more coordinated and simplified regulatory approach, the Ministry of Finance noted that the merger of payment system regulators is primarily about merging them into the FCA.
Meanwhile, it said the FCA is continuing to look at the financial services regulatory environment and working to eliminate any unnecessary rules to stop growth.
