Nikhil Rathi has been reappointed as chief executive of the Financial Conduct Authority for a second term. 

Since Rathi joined in October 2020, the FCA has undertaken reforms to strengthen the UK’s position in wholesale markets, including the most significant changes to the listing regime in over 3 decades. The regulator has sought to raise standards through the Consumer Duty, and 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. The watchdog also brought more criminal charges last year than ever before and by cutting investigation times.

“The FCA does vital work to enable a fair and thriving financial services sector for the good of consumers and the economy,” Rathi said. “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, added: “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.” 

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 to fight financial crime.

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