FCA appoint new CEO as crypto deadline looms

The UK's financial watchdog has appointed LSE boss Nikhil Rathi at the its new CEO to help deal with the fallout from COVID-19

The Financial Conduct Authority (FCA) has appointed Nikhil Rathi as its new CEO following the interim leadership of Christopher Woolward.

Rathi, who worked at the Treasury for more than four years, is the current boss of the London Stock Exchange.

The move has been received well across the financial sector, with Andrew Jacobs, Head of Regulatory Consulting at DWF stating: “Congratulations to Nikhil Rathi for being appointed the new CEO of the FCA today.”

“Rathi comes from a strong pedigree of high profile, systemically important leadership roles and is a solid choice to lead the next chapter of conduct regulation, as the FCA starts to onshore rules and define its sovereign regulatory framework, post Britain leaving the EU.

“Rathi is also a fine choice to keep diversity at the heart of the FCA and he has already pledged that this will be part of his manifesto, along with driving forward the modernisation of the FCA and keeping the UK at the forefront of financial services.”

The UK’s Financial Watchdog has also provided an update on its guidance for virtual asset providers in the UK, warning that companies need to register before the end of June to avoid missing the January 2021 deadline.

An official press release detailed how the FCA became the anti-money laundering and counter terrorist financing (AML/CTF) supervisor of cryptocurrency businesses earlier this year.

Companies that have not been approved by the FCA will not be allowed to operate in the United Kingdom from January next year.

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