Financial Conduct Authority chief Nikhil Rathi reappointed for second term

It comes despite recent pressure from ministers for the FCA to be less intrusive regarding its enforcement against firms.

Last month, the watchdog scrapped controversial plans to routinely “name and shame” firms facing investigations following criticism from groups including an influential House of Lords committee.

The FCA is also among regulators being urged to cut red tape by the Chancellor as part of efforts to help accelerate economic growth.

In March, the FCA said it would take a more “flexible approach” in its strategy for the next five years as a result.

Mr Rathi said: “I am honoured to be reappointed by the Chancellor.

“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.”

FCA chairman Ashley Alder said: “I am delighted Nikhil has been reappointed.

“He’s the right leader in testing times. His exemplary first term as chief executive has ensured the FCA is an organisation transformed.

“We’ve set a new standard for consumer protection, made it easier for businesses to access capital and quicker for firms to get authorised.”

The regulator has a growing base in Yorkshire. In January, the FCA opened further floor space at its existing office at 6 Queen Street, Leeds increasing it by an additional 5,000 square feet.

The FCA’s regional office in Leeds, which opened in 2022, is now a base for more than 300 employees, with around 100 more people expected to be welcomed into the additional space this year. The new floor space was officially opened by Mr Rathi.

Speaking in January, Mr Rathi said the FCA had established an office in Leeds “because of the superb talent pool, the great universities and the welcome we received from the city council”.

He also praised the strong financial and professional services pedigree that has been in Leeds for many decades. He said the Leeds office had surpassed expectations.

He told The Yorkshire Post: “A significant part of the work we do here is about going out and engaging and finding out what is happening in the region and what financial services businesses are thinking and feeling."