The chief executive of London Stock Exchange has been appointed as the next head of the Financial Conduct Authority.
Chancellor Rishi Sunak today (June 22) confirmed Nikhil Rathi is set to begin his five-year term as chief executive of the regulator.
Mr Rathi will be paid will be £455,000 a year with a 12 per cent pension, but will not be entitled to a bonus.
He will succeed Christopher Woolard who has acted as interim chief executive at the FCA since Andrew Bailey stepped down from the post to join the Bank of England in March 2020.
Chancellor Mr Sunak said: “Nikhil is the outstanding candidate for the position of chief executive of the Financial Conduct Authority, and I am delighted that he has agreed to take up the role.
“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.”
Mr Sunak thanked Mr Woolard for an “excellent job” leading the FCA during the “challenging period” of the coronavirus crisis.
Mr Woolard temporarily took over the top spot from his role as executive director of strategy and competition at the regulator.
Mr Rathi said: "I am honoured to be appointed chief executive of the Financial Conduct Authority - 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.
"FCA colleagues can be very proud of their achievements in supporting consumers and the economy in all parts of the UK in recent months.
"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."
Between 2009 and 2014 Mr Rathi was director of the financial services group at HM Treasury where he led its work on the UK’s EU and international financial services interests.