Nikhil Rathi has been appointed as the new chief executive of the Financial Conduct Authority (FCA), which regulates UK financial markets and 59,000 financial services firms. He 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.
Daily Current Affairs Quiz 2020
Financial Conduct Authority
Financial Conduct Authority is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential supervisor for 49,000 firms, setting specific standards for 19,000 firms.
It is established on 1 April 2013, taking over responsibility for conduct and relevant prudential regulation from the Financial Services Authority.
FCA aims to make markets work well – for individuals, for business, large and small, and for the economy as a whole.
FCA is responsible for regulating a sector which plays a critical role in the lives of everyone in the UK and without which the modern economy could not function. FCA is an independent public body funded entirely by the firms it regulates, by charging the fees. It is accountable to the Treasury, which is responsible for the UK’s financial system, and to Parliament.
