UK finance minister Rishi Sunak on Monday appointed Nikhil Rathi, chief executive of London Stock Exchange plc, as the new chief executive of the UK’s Financial Conduct Authority (FCA).

Previously, Rathi was Director, Financial Services Group at the UK Treasury in the aftermath of the 2007-09 financial crisis.

Rathi, 40, is expected to take up the £455,000 role on October 1.

Rathi will succeed Christopher Woolard, who has acted as FCA interim chief executive since Andrew Bailey stepped down from the post in March 2020.

Rathi is being appointed for a five-year term. Woolard will continue as interim chief executive until Rathi’s appointment begins.

Sunak, UK Chancellor of the Exchequer, said: “Nikhil is the outstanding candidate for the position of chief executive of the Financial Conduct Authority, and I am delighted that he has agreed to take up the role.

“We have conducted a thorough, worldwide search for this crucial appointment and, through his wide-ranging experiences across financial services, I am confident that Nikhil will bring the ambitious vision and leadership this organisation demands.

“I would also like to thank Christopher Woolard for the excellent job he has done in leading the FCA in this challenging period.

“His experience, dedication and professionalism have been greatly appreciated.”

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.”