HM Treasury reappoints Nikhil Rathi as Financial Conduct Authority chief executive for a second five-year term to September 2030

HM Treasury confirmed that the Chancellor has reappointed Nikhil Rathi as Chief Executive Officer of the Financial Conduct Authority (FCA) for a second five-year term, running to September 2030, and published an exchange of letters outlining priorities for the regulator. The correspondence frames the FCA’s role in supporting the government’s growth mission, while maintaining consumer protection and market integrity. The Chancellor’s letter sets expectations that the FCA should embed its international competitiveness and growth objective across policymaking and supervision, including enabling “informed and responsible” risk-taking without weakening protections. It also links the FCA to a broader agenda to reduce the regulatory burden, referencing a commitment to cut administrative costs of regulation for business by 25% by the end of Parliament, and highlights the need for prompt decision-making and close government-regulator collaboration as a Financial Services Growth and Competitiveness Strategy is developed. In his reply, Rathi points to “around 50 proposals” previously set out to support growth, prioritisation of growth and “smarter regulation” in the FCA’s annual work programme, targeted rulebook reforms and changes to how the FCA interacts with firms to be more predictable and proportionate, alongside continued focus on consumer outcomes, financial crime, market integrity and international engagement.