NIKHIL Rathi has been reappointed as Chief Executive of the FCA by the HM Treasury.
Rathi will now serve a second five-year term. He is the first Chief Executive to fully complete a five-year term.
The Government said that under Rathi, the FCA had worked constructively with the Government on its growth mission, with refreshed ideas such as simplifying mortgage lending rules to make it easier for first time buyers to get on the housing ladder.
“Nikhil Rathi has been crucial in this government’s efforts to reform regulation so it supports growth and boosts investment – I am delighted he will be continuing his leadership of the FCA. We want the FCA to go further and faster to deliver this government’s Plan for Change and we look forward to continuing to work together to achieve this.”
During Rathi’s first term, the FCA introduced the Consumer Duty to raise standards “so people get the right support, communication they can understand, and products and services that meet their needs and offer fair value,” it said in a statement.
While Rathi and the FCA have been working to loosen the regulatory burden on business and introduce Consumer Duty, it was caught seriously asleep at the wheel when the Court of Appeal ruled that it was unlawful for car dealers to receive a commission from a lender providing motor finance to a customer unless it was disclosed to the customer and they gave informed consent to the payment.
Rather than follow FCA guidelines, the court found in favour of common law. The result caused turmoil for the leasing broker sector even though the findings were directed mainly at the dealer finance sector.
The Supreme Court has now sat on the appeal and we all await the judgement. You can read about the three days of the appeal on the BVRLA website here: Supreme Court case concludes.
Responding to his reappointment, Rathi said:
“I am honoured to be reappointed by the Chancellor. The FCA does vital work to enable a fair and thriving financial services sector for the good of consumers and the economy. 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.”
Broker News Newsletter 10 March 2026
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Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
