Nikhil Rathi reappointed as FCA chief executive

The announcement means Rathi, who has been in post since October 2020, will serve a second five-year term at the regulator and will remain in charge until at least September 2030. It was previously rumoured he would step down when his current term ended in September.

Part of his remit will be to support the Chancellor’s agenda to reform regulation by reducing the administrative cost of regulation on businesses by a quarter. He will also play a key role in merging the Payment Systems Regulator into the FCA.

Chancellor Rachel Reeves said: "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."

Rathi added: "I am honoured to be reappointed by the Chancellor. The FCA does vital work to enable a fair and thriving financial services sector for the good of consumers and the economy.

"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."