The Treasury has announced the appointment of Nikhil Rathi as the new permanent chief executive of the Financial Conduct Authority (FCA).

He is currently the chief executive of London Stock Exchange, having been the director of the Financial Services Group at the Treasury from September 2009 to April 2014. In this role, he led the government's work on the UK’s EU and international financial services interests.

Rathi is expected to take up the role in the Autumn.

FCA chair Charles Randell, said: “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.

Rathi added: “I look forward to building on the strong legacy of Andrew Bailey and the exceptional leadership of Christopher Woolard and the FCA executive team during the crisis.

“In the years ahead, we will create together an even more diverse organisation, 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.”

In January 2016, the FCA appointed Bailey as chief executive, moving from the same position at the Prudential Regulation Authority. In March, he became the governor of the Bank of England, leaving the FCA to look for a new boss.

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