UK parliament approves new Financial Conduct Authority head

LONDON (Reuters) - The British parliament’s Treasury Committee said on Friday it had approved the appointment of Nikhil Rathi, a senior executive at the London Stock Exchange, to head the Financial Conduct Authority regulator from October.

Rathi, a former finance ministry official, told legislators on Wednesday that he wanted to focus on keeping high regulatory standards rather than prioritising competitiveness now Britain was no longer bound by European Union rules.

“The Committee held the appointment session on 22 July 2020 and is satisfied that Mr Rathi has the professional competence and personal independence to be appointed,” the Committee said in a statement.

Reporting by David Milliken; Editing by William Schomberg