Nikhil Rathi reappointed as Chief Executive of the FCA

The Chancellor of the Exchequer, Rachel Reeves, has confirmed the reappointment of Nikhil Rathi as Chief Executive of the Financial Conduct Authority (FCA) for a second five-year term, extending his leadership until September 2030.

Rathi’s reappointment is seen as a key step in ensuring continuity of leadership at a time of significant regulatory reform and economic ambition. Under his guidance, the FCA has played a pivotal role in supporting the government’s Plan for Change — a broad initiative aimed at reforming regulation to boost growth, increase investment, and simplify access to financial services.

“Nikhil Rathi has been crucial in this government’s efforts to reform regulation so it supports growth and boosts investment – I am delighted he will be continuing his leadership of the FCA,” said Chancellor Reeves. “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.”

Since being challenged by the Prime Minister and Chancellor last December to find ways to stimulate economic growth, the FCA, under Rathi’s leadership, has proposed a series of forward-looking reforms. These include simplifying mortgage lending rules to help more first-time buyers onto the housing ladder, and providing additional support for financial services firms to start and scale up in the UK.

Rathi’s continued leadership is seen as vital in delivering the government’s wider regulatory reform agenda. This includes the recently announced Regulatory Action Plan, which aims to cut red tape and reduce the administrative cost of regulation on business by 25%. The FCA is also taking on a greater role in streamlining the regulatory landscape, including through the merger with the Payment Systems Regulator, to enhance coordination and promote innovation in the payments sector.

In his response to the reappointment, 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, Chair of the FCA, welcomed the news: “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.”