​According to the FCA, “Nikhil is currently the Chief Executive of London Stock Exchange plc. From September 2009 to April 2014, he was Director, Financial Services Group at HM Treasury. In this role, he led the Treasury’s work on the UK’s EU and international financial services interests. Nikhil is expected to take up the role in the Autumn.”

He takes over from Interim Chief Executive Officer Christoper Woolard, Mr Rathi’s first challenges will be supervising how banks deal with heavy consumer debt following Covid-19 and recent criticisms levelled at the FCA for abnegating their responsibility to protect retail investors from high-risk investments.

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In a HM Treasury press release, Mr Rathi said: “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.”

His annual salary will be £455,000 with a 12% pension, but will not be entitled to a bonus or paid any other benefits.

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