Nikhil Rathi has been reappointed as chief executive of the UK’s FCA for a second five year term, following confirmation from UK chancellor Rachel Reeves.
In a statement today (10 April), the FCA said that since Rathi (pictured) joined in October 2020, the FCA has undertaken reforms to strengthen the UK’s position in wholesale markets, including the biggest changes to the listing regime in over three decades.
The regulator said it had “raised standards, introducing the Consumer Duty so people get the right support, communication they can understand, and products and services that meet their needs and offer fair value. With the Duty now embedded, the FCA is streamlining its rulebook, lowering costs for firms and boosting international competitiveness.
“The FCA also worked to reduce and prevent serious harm by ensuring firms meet expected standards at authorisation while reducing the time it takes for them to get approved, bringing more criminal charges last year than ever before and by cutting investigation times.”
In March 2025, the FCA published a new five-year strategy with four priorities: to be a smarter regulator, support economic growth, help consumers navigate their financial lives and fight financial crime.
Rathi said: “I am honoured to be reappointed by the Chancellor. The FCA does vital work to enable a fair and thriving financial services sector for the good of consumers and the economy. I am proud of the reforms we have delivered to support growth, bolster operational effectiveness, set higher standards and to keep our markets clean and open. While we must go further and faster in this age of volatility, the UK is well placed as a major international financial centre.”
Ashley Alder, the FCA’s chair, said: “I am delighted Nikhil has been reappointed. He’s the right leader in testing times. His exemplary first term as chief executive has ensured the FCA is an organisation transformed. We’ve set a new standard for consumer protection, made it easier for businesses to access capital and quicker for firms to get authorised. That provides the solid foundation to deliver our ambitious new strategy – to deepen trust, rebalance risk, support growth and improve lives.”
In early industry reaction to the reappointment, James Alleyne, partner in the Financial Services Regulatory team at Kingsley Napley LLP, said: “While Nikhil Rathi’s first term was characterised by his controversial Transformation programme, his second is likely to be spent managing an increasingly complex global and economic picture in which the role of the regulator will be under more scrutiny than ever as it seeks balance growth against consumer protection.
“For the financial services industry, however, Rathi’s reappointment must be good news, providing a degree of consistency and certainty in a more unstable environment than ever.”
