The UK’s Financial Conduct Authority (FCA) has appointed Nikhil Rathi, currently the CEO of London Stock Exchange (LSE), as its new chief.

The appointment comes after former CEO Andrew Bailey moved to the Bank of England earlier this year as a governor.

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Rathi is expected to take the helm at FCA during the end of this year. Until that time, Christopher Woolard will serve as the interim CEO of the UK regulator.

Welcoming Rathi, FCA chairman Charles Randell said: “Nikhil has been closely involved in guiding the FCA’s development through his roles on our practitioner panel and markets practitioner panel, and brings both private sector management skills and experience of domestic and international regulatory policymaking.”

Previously, Rathi served as the financial services group director at HM Treasury from September 2009 to April 2014.

He was responsible for the department’s work on EU and international financial services interests.

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Rathi was also the head of the financial stability unit at HM Treasury and between 2005 and 2008 he served as the private secretary to prime ministers Tony Blair and Gordon Brown.

Rathi said: “I look forward to building on the strong legacy of Andrew Bailey and the exceptional leadership of Christopher Woolard and the FCA executive team during the crisis.

“In the years ahead, we will create together an even more diverse organisation, 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 UK is a thought leader in international regulatory discussions.”