The boss of the UK financial watchdog has been reappointed for another five years, despite recent criticism of the regulator.
Nikhil Rathi will remain as chief executive of the Financial Conduct Authority (FCA) for a second term after his current contract expires in September, the Treasury announced.
It comes despite recent pressure from ministers for the FCA to be less intrusive regarding its enforcement against firms.
Last month, the watchdog scrapped controversial plans to routinely “name and shame” firms facing investigations following criticism from groups including an influential House of Lords committee.
The FCA is also among regulators urged to cut red tape by the Chancellor as part of efforts to help accelerate economic growth.
In March, the FCA said it would take a more “flexible approach” in its strategy for the next five years as a result.
Mr Rathi said: “I am honoured to be reappointed by the Chancellor.
“I am proud of the reforms we have delivered to support growth, bolster operational effectiveness, set higher standards and to keep our markets clean and open.
“While we must go further and faster in this age of volatility, the UK is well placed as a major international financial centre.”
FCA chairman Ashley Alder said: “I am delighted Nikhil has been reappointed.
“He’s the right leader in testing times. His exemplary first term as chief executive has ensured the FCA is an organisation transformed.
“We’ve set a new standard for consumer protection, made it easier for businesses to access capital and quicker for firms to get authorised.”
