Compliance Corner: UK Government Reappoints FCA Chief

Editorial Staff

11 April 2025

The UK government has reappointed Nikhil Rathi as CEO of the , the country’s financial regulator, for a second term.

Rathi joined the FCA in October 2020, at a time when financial markets had to operate in the middle of the pandemic.

So far, during his tenure, the FCA has carried out reforms to bolster the UK’s position in wholesale markets, for example the stock listing regime. The London Stock Exchange has suffered a drop in listings in recent years. Last July, the FCA set out a simplified listings regime with a single category and streamlined eligibility for those companies seeking to list their shares in the UK.

Other changes under Rathi’s watch include the new Consumer Duty regime which is designed to promote good outcomes for investors (it kicked in from end-July 2023).

“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,” Rathi said.

James Alleyne, partner in the financial services regulatory team at Kingsley Napley, said: “While Nikhil Rathi’s first term was characterised by his controversial Transformation programme, his second is likely to be spent managing an increasingly complex global and economic picture in which the role of the regulator will be under more scrutiny than ever as it seeks to balance growth against consumer protection.

"For the financial services industry, however, Rathi's reappointment must be good news, providing a degree of consistency and certainty in a more unstable environment than ever,” Alleyne added.

"Nikhil Rathi has been crucial in this government’s efforts to reform regulation so it supports growth and boosts investment – I am delighted he will be continuing his leadership of the FCA. We want the FCA to go further and faster to deliver this government’s Plan for Change and we look forward to continuing to work together to achieve this," Rachel Reeves, UK Chancellor of The Exchequer, said.