Chancellor of the Exchequer Rishi Sunak has announced the appointment of Nikhil Rathi as chief executive boss of the Financial Conduct Authority (FCA).

Rathi has been at London Stock Exchange plc since 2014 and was previously a director at HM Treasury, which he joined after graduating at Oxford University.

He was the youngest director at the financial stability unit, the Evening Standard reported, overseeing the £46 billion recapitalisation of Royal Bank of Scotland during the financial crisis in 2008.

His first role at LSE was at the helm of the international development division, then he became chief executive of the group four years ago, aged 36.

He is replacing Christopher Woolard, who acted as interim since Andrew Bailey stepped down from the post in March.

“Nikhil has been closely involved in guiding the FCA’s development through his roles on our Practitioner Panel and Markets Practitioner Panel, and brings both private sector management skills and experience of domestic and international regulatory policymaking,” said FCA’s chair Charles Randell.

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