Nikhil Rathi (pictured), CEO of the FCA
The CEO of the Financial Conduct Authority, Nikhil Rathi, is said to be among the applicants to replace Simon Case as cabinet secretary as the race for the civil service’s top job heats up.
According to a report from Sky News, Rathi has thrown his hat into the ring, having been appointed to lead the UK financial watchdog by the Treasury in 2020, succeeding Andrew Bailey.
Should the regulator's CEO be successful, it would not be his first foray into political life. Rathi served as private secretary to prime ministers Tony Blair and Gordon Brown from 2005 to 2008, before moving to the Treasury for half a decade to become director of the financial services group.
FCA's Rathi calls for new approach to UK private markets to boost competition
The FCA declined to comment, while the cabinet office did not respond to a request for comment.
Rathi joins a long list of potential applicants for the role, after The Guardian reported last week that former Brexit negotiator Oliver Robbins was one of the ten potential successors to Case, who is set to step down at the end of the year for health reasons.
Current permanent secretaries Tamara Finkelstein, Sarah Healey, Antonia Romeo, Jeremy Pocklington and Peter Schofield are all also likely candidates, according to The Guardian.
Having joined the FCA from the London Stock Exchange, where he was previously CEO, Rathi's current five-year term extends to September 2025.
FCA CEO Nikhil Rathi: 'UK markets stay relevant because we are always open to reform'
In recent months, the FCA boss has presided over a tempestuous relationship between the regulator, the government and the City, following admission at the annual City dinner in October that "the jury is out on whether the FCA is helping to achieve growth".
In her maiden Mansion House speech last week (14 November), chancellor Rachel Reeves said: "The key test for regulation is whether it will make our economy more dynamic and more competitive."
She added that in recent years, "the UK has been regulating for risk, but not regulating for growth".
