Nikhil Rathi was appointed as the new chief executive of UK’s Financial Conduct Authority on Monday, to oversee the next stage of the country’s regulatory response to the Covid-19 crisis. He was working as the head of the London Stock Exchange’s (LSE) international development business.
He has more than a decade’s experience at the UK Treasury. It was after his stint there, he joined LSE. Apart from these, Mr Rathi also served as private secretary to prime ministers Tony Blair and Gordon Brown between 2005 and 2008. Chancellor of the Treasury, Rishi Sunak named him as “the outstanding candidate” to lead the financial regulator in the challenging times.
Mr. Sunak was especially impressed by Mr. Rathi’s handling of the post-2008 issues at the Treasury. He also played a key role in alleviating the collapse of Royal Bank of Scotland (RBS). His immediate challenge in the new office would be the phasing out of short term measures introduced to counter COVID-19 triggered economic crisis, Financial Times reported.
Mr Rathi also hinted his intention to change the internal culture of the FCA. “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,” he said.
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