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By Huw Jones
LONDON, June 22 (Reuters) - Nikhil Rathi, head of the London
Stock Exchange's UK division, has been appointed chief executive
of the Financial Conduct Authority (FCA), Britain's finance
ministry said on Monday.
Rathi, a former finance ministry official, will play a key
role in helping Britain's financial sector to navigate its
departure from the European Union, its biggest customer.
"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, playing
our part in tackling climate change, enforcing high standards
and ensuring the UK is a thought leader in international
regulatory discussions," Rathi said in a ministry statement.
The FCA has been led on an interim basis by Christopher
Woolard since March, when Andrew Bailey left to become governor
of the Bank of England.
"I am confident that Nikhil will bring the ambitious vision
and leadership this organisation demands," British finance
minister Rishi Sunak said.
Before joining the LSE, Rathi was director of the ministry's
financial services group, leading work on EU and international
financial services at a time of intense rulemaking in the
aftermath of the 2007-09 financial crisis.
"The good news is that he is someone that knows the private
and public sector," said Christopher Bates, a financial services
lawyer at Clifford Chance. "Clearly he starts with a lot in the
in-box, with Brexit, and the reviews into Woodford and London
Capital & Finance (LCF)."
The FCA is likely to be criticised over how it handled the
now closed flagship fund run by then star stockpicker Neil
Woodford, and the collapse of investment firm LCF.
Rathi, 40, has been appointed by the FCA for a five-year
term and is expected to start on October 1, with an annual
salary of 455,000 pounds ($564,000).
He will not be involved in supervisory or enforcement
decisions relating to the LSE until 22 June, 2021.
($1 = 0.8066 pounds)
(Reporting by Huw Jones; Editing by Marc Jones, David Goodman
and David Clarke)
