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UK Chancellor Rachel Reeves recently confirmed that Nikhil Rathi was reappointed as the Financial Conduct Authority’s (FCA) chief executive. With his reappointment, Rathi’s second term will now last until 2030.
Following his return to the FCA office, Rathi will work alongside the UK government on Reevs’ Regulatory Action Plan, which is meant to reduce the administrative cost of regulation on business by 25%. Furthermore, the government has decided to merge the Payment System Regulator into the FCA, which is also expected to increase the payment sector’s growth.
The FCA under Rathi also implemented the Consumer Duty, boosted diversity policies, started closely monitoring Big Tech, and it simplified the way for startups to get new products to market via their regulatory sandbox.
Rathi Played A Crucial Part In Reforming Regulations
Commenting on the financial watchdog’s success under Rathi, Reeves said that he has been a crucial part of the government’s efforts to reform regulation in a way that allows it to support growth and increase investment. As a result, she added that she is delighted he will continue to lead the FCA.
Speaking of plans for the future, she said: “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.”
As for Rathi himself, he said that he is honored to be reappointed, as the FCA does vital work to enable a fair and thriving financial services sector for the good of customers and the economy itself. He added that he is proud of the reforms made so far, which support growth, bolster operational effectiveness, and set high standards. Along the way, they also managed to keep the markets clean and open.
Looking forward, he noted that there is more work to be done, and that the FCA will have to go further and faster during the current age of volatility, but he believes that the UK is well-placed as a major international financial center.
