HM Government, in the form of Chancellor of the Exchequer Rishi Sunak, has said that Mr Nikhil Rathi will become the new chief executive of the Financial Conduct Authority, probably some time in the autumn. The reason for the Government's uncertainty about the date is unknown.

Christopher Woolard, who took over the job temporarily when Andrew Bailey left the regulatory body in March to assume the governorship of the Bank of England, will remain in charge until Rathi assumes the post. Woolard previously served as the Executive Director of Strategy and Competition.

Rathi is the Chief Executive of the London Stock Exchange and was a Treasury man before that, working as a director in the Financial Services Group between September 2009 and April 2014.

Among Rathi's future policies that might be of interest to wealth managers are a fixation on vulnerable customers (in the HNW world this tends to refer to the suppression of scams against the elderly), a patronisation of new technology (which is likely to lead to more 'techsprints,' experiments in rules expressed as machine code and enterprises emerging from the 'regulatory sandbox') and a desire to tackle climate change from a financial perspective (a nod towards the further promotion of environmental, social and governance or ESG investments). We wish him well.