Nikhil Rathi sets out vision as new UK financial regulator CEO

Nikhil Rathi, the dynamic British Indian professional associated with many Masala Bonds over the years and pushing forth the UK-India financial partnership as the CEO of the London Stock Exchange Plc, is all set for a whole new challenge as he is named as the new Chief Executive of the UK’s Financial Conduct Authority (FCA) this week.

UK Chancellor of the Exchequer Rishi Sunak declared Rathi an “outstanding candidate” for the crucial role as the conduct regulator for Britain’s financial markets and over 59,000 financial services firms.

“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,” said the Global Indian minister, in reference to his choice.

Diversity and climate change

Rathi, 40, who has worked within UK government ranks at the Treasury as Director of the Financial Services Group between 2009-2014 before taking on his current private sector role at the London Stock Exchange, set out his broad vision for the new role, with the country’s economic recovery in the wake of the Covid-19 pandemic at the heart of his plans.

“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,” said Rathi.

“FCA colleagues can be very proud of their achievements in supporting consumers and the economy in all parts of the UK in recent months,” he said.

The FCA’s overall objective is to ensure all the relevant financial markets function well, with the protection of consumers, the integrity of the UK financial system and ensuring effective competition in the interests of consumers lying at the heart of its important oversight role.

UK-India financial partnership

Rathi will take over his new £455,000-a-year role at the FCA in the autumn, at which time his interests at the London Stock Exchange will come to an end. However, the legacy he will leave behind is one of a strong base for the UK-India financial tie-up to be enhanced further.

“It underlines the strength of the economic and financial partnership between the UK and India, reinforcing London’s position as a complementary and valued funding partner to India,” said Rathi, in reference to a string of Indian listings on the London Stock Exchange over the years.

He has been consistently vocal about international investor interest in the Indian growth story, as well as the London Stock Exchange’s position as a “strong partner to India” and a leading global venue for raising equity and debt finance.

The former civil servant, who previously served as Private Secretary to former UK Prime Ministers Tony Blair and Gordon Brown between 2005 and 2008, is on course for a new chapter as he returns to the public sector.

by Nadia Hatink