The Financial Conduct Authority (FCA) has appointed Nikhil Rathi, the UK head of the London Stock Exchange, as its new permanent chief executive, making him the first BAME leader of the UK's city regulator.

HM Treasury announced the appointment on Monday 22 June. Rathi will replace Andrew Bailey who stepped down to take the position of governor of the Bank of England in March after leading the regulator for four years.

Rathi is currently the UK head of the London Stock Exchange and was previously the director of the Financial Service Group at HM Treasury. He is expected to take up the CEO role in Autumn this year.

Incoming chief executive Rathi, who is of British-Asian Background, will be the first BAME individual to lead the regulator.

Rathi has said he wants to create a diverse FCA in the coming years, '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.’