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Indian origin Nikhil Rathi gets appointed as UK Financial watchdog by Chancellor Rishi Sunak

Nikhil rathi appointed as the new chief executive of the Financial Conduct Authority (FCA)

London, June 23 (UITV): Chancellor Rishi Sunak appointed Nikhil Rathi, chief executive of London stock exchange, as the new chief executive of the Financial Conduct Authority (FCA), which regulates UK financial markets and 59,000 financial services firms on Monday.

Rathi, who will replace Christopher Woolard, has been appointed for a five-year term. He has been closely associated in the listing of ‘masala bonds’ by Indian institutions on the London stock market in recent years.

“Nikhil is the superb candidate for the position of chief executive of the Financial Conduct Authority, and I am delighted that he has agreed to take up the role,” said Sunak.

“We have conducted a detailed worldwide search for this important appointment and, through his wide-ranging experiences throughout financial services, I am confident that Nikhil will bring the ambitious vision and leadership this organisation demands,” he added.

The FCA is the conduct regulator for the UK’s financial markets, over 59,000 financial services firms, and the prudential supervisor for 49,000 firms, building specific standards for 19,000 firms.

It has an altogether strategic targets of ensuring the related markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.

FCA chair Charles Randell said: “Nikhil has been closely involved in guiding the FCA’s development through his roles on our Practitioner Panel and Markets Practitioner Panel, and brings both private sector management skills and experience of domestic and international regulatory policymaking”.

Rathi added: “I am honoured…In the years ahead, we will create together an even more diversified 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”.