Big Ben, Westminster Bridge on River Thames in London, the UK. English symbol. Lovely puffy clouds, sunny day
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The U.K.’s Treasury department has appointed Nikhil Rathi, current head of the London Stock Exchange PLC (LSE), as the next head of the U.K.’s Financial Conduct Authority (FCA).

Rathi is slated to join the financial regulator in the autumn for a five-year term. Rathi will take over from Christopher Woolard, who served as interim CEO, after the previous chief, Andrew Bailey left to become governor of the Bank of England in March.

Prior to joining the LSE, Rathi was director, financial services group, with the Treasury.

“In the years ahead, we will create together an even more diverse organization, 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 U.K. is a thought leader in international regulatory discussions,” Rathi said in a statement.

The LSE named Denzil Jenkins as interim CEO. Jenkins is currently the exchange’s global head of compliance.