London Stock Exchange CEO Nikhil Rathi has been appointed to lead the UK Financial Conduct Authority (FCA) for a five-year term.

Mr Rathi, who was previously Director of the UK Treasury’s Financial Services Group, is expected to take up the role in the northern hemisphere autumn.

“We have conducted a thorough, worldwide search for this crucial appointment,” Chancellor of the Exchequor Rishi Sunak said.

“Through his wide-ranging experiences across financial services, I am confident that Nikhil will bring the ambitious vision and leadership this organisation demands.”

The FCA has been led by Christopher Woolard on an interim basis since Andrew Bailey stepped down from the post in March.

Mr Rathi says FCA will become a more diverse organisation in the years ahead, while the regulator will support the economic recovery with a focus on vulnerable consumers and embracing new technology.

The FCA will also play its part in tackling climate change, enforcing high standards and ensuring the UK is a thought leader in international regulatory discussions, he says.