Since Nikhil 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 3 decades.
The regulator has 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 4 priorities: to be a smarter regulator, support economic growth, help consumers navigate their financial lives and fight financial crime.
Nikhil Rathi, Chief Executive of the FCA, 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.”
1. HM Treasury's press release.
2. The Chancellor’s and Nikhil’s exchange of letters regarding his appointment.
3. Nikhil was first appointed in June 2020 and took up his role in October 2020.
4. Nikhil’s new term will run until September 2030.
5. Nikhil’s date of birth is 5 August 1979.
6. The FCA now has 11% of its workforce in Leeds and Edinburgh.
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