Context
The FCA and HM Treasury have announced the reappointment of Nikhil Rathi as Chief Executive of the FCA for a second term. The Treasury has also published the Chancellor’s letter to Nikhil, and his response to the Chancellor. Since Nikhil joined in October 2020, the FCA has undertaken reforms to raise standards, introducing the Consumer Duty, and is “…streamlining its rulebook, lowering costs for firms and boosting international competitiveness”. In diversifying the FCA’s workforce and geographical representation, 11% of the FCA’s workforce is now located in Leeds and Edinburgh.
Key points to note and next actions
- Nikhil was first appointed in June 2020 and took up his role in October 2020, and his new term will run until September 2030.
- HM Treasury sees the appointment as “critical for delivering key reforms to the regulatory environment to help boost growth and deliver the Plan for Change”.
- The Chancellor of the Exchequer, Rachel Reeves, said thatNikhil has been crucial in this government’s efforts to reform regulation, and that she is delighted he will be continuing his leadership of the FCA.
- Ashley Alder, the FCA’s Chair, also said that he is delighted Nikhil has been reappointed, adding his view that he is the right leader in testing times and describing Nikhil’s first term as exemplary.
- Nikhil said that he is honoured to be reappointed by the Chancellor, and that he is proud of the reforms the FCA has delivered.
- The Chancellor’s letter reaffirms that “…growth is the defining mission of this government…” and stresses the importance of the FCA’s growth and competition remit