The London Stock Exchange boss Nikhil Rathi has been appointed chief executive of the Financial Conduct Authority, making him the first BAME leader of the UK’s City regulator.
The Treasury announced Rathi’s appointment on Monday, formally replacing Andrew Bailey, who led the watchdog for almost four years years before becoming the governor of the Bank of England in March. Christopher Woolard, the FCA’s executive in charge of competition, has been serving as interim boss since January.
Rathi is the first BAME boss to lead Britain’s financial regulator, including the Financial Services Authority, which was replaced by the FCA in 2013.