Rathi reappointed as FCA CEO for second five-year term

By Rebecca Delaney

April 10 - (The Insurer) - UK Chancellor Rachel Reeves has confirmed the reappointment of Nikhil Rathi as CEO of the Financial Conduct Authority for a second five-year term.

The new term will run until September 2030.

Rathi joined the FCA in October 2020 from the London Stock Exchange. Since then, the watchdog has undertaken sweeping reforms to strengthen the UK’s position in wholesale markets.

Last month, the FCA said in its new five-year strategy that it aims to be a “predictable, purposeful and proportionate” regulator, a move welcomed by the London (re)insurance market.

The strategy included a pledge to improve the FCA's processes and “embrace technology” to become more efficient and effective.

The FCA's plan also includes a focus on sustained economic growth, which it said will be achieved by enabling investment, innovation and ensuring the continued competitiveness of the UK’s world-leading financial services.

Speaking at a roundtable hosted on the sidelines of the Association of British Insurers’ annual conference in London in February, Rathi pledged to support the insurance sector by cutting “unnecessary regulatory burdens” to promote the growth and competitiveness of UK financial services.

“Unsurprisingly, insurance is the subject of a significant number of campaigns focused on the treatment and value people received. We are – and will continue to be – data-led. Scrupulous in assessing where we see significant harm, and when we don’t,” he said.