City limits

22 June 2020 By Liam Proud Follow @liamwardproud

The financial regulator’s next CEO will be Nikhil Rathi, an ex-Treasury official who runs London’s stock exchange. His background suggests PM Boris Johnson sees the need to help Britain’s hub after the EU exit. That may also make it harder to resist pressure for lower standards.

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Nikhil Rathi, head of the London Stock Exchange Group's UK division, has been appointed chief executive of the Financial Conduct Authority, Britain's finance ministry said on June 22.

The UK financial watchdog has been led on an interim basis by Christopher Woolard since March, when Andrew Bailey left to become governor of the Bank of England.

"I am confident that Nikhil will bring the ambitious vision and leadership this organisation demands," British finance minister Rishi Sunak said.

Before joining the LSE, Rathi was director of the ministry's financial services group, leading work on European Union and international financial services at a time of intense rulemaking in the aftermath of the 2007-2009 financial crisis.

Rathi, 40, has been appointed for a five-year term and is expected to start on Oct. 1, with an annual salary of 455,000 pounds. He will not be involved in supervisory or enforcement decisions relating to the London Stock Exchange until June 22, 2021.

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