New SEC chair affirmed, FCA chief reappointed

The US Senate has voted 52 to 44 for the appointment of the next chair of the Securities and Exchange Commission (SEC). Meanwhile, the UK's Financial Conduct Authority (FCA) has reappointed its chief executive.

Patomak Global Partners chief executive and founder Paul Atkins, nominated by President Donald Trump, has been approved as the next chair.

Atkins is an accomplished financial professional, bringing some 35 years of experience to the fold. He enjoyed a stint at the SEC earlier in his career and held senior titles at PwC and Cboe Global Markets, before founding Patomak Global Partners in 2009.

The SEC said: "We welcome Paul Atkins as the next chair of the SEC. A veteran of our Commission, we look forward to him joining with us, along with our dedicated staff, to fulfill our mission on behalf of the investing public."

Financial Services Institute (FSI) chief executive and president Dale Brown was supportive of the appointment.

"We congratulate Paul Atkins on his confirmation as SEC chair. Now is a pivotal time in the history of the markets with rapid technological advancements, evolving investor expectations and the emergence of innovative financial products," Brown said.

"We encourage chair Atkins and the SEC staff to update regulations and guidance to align with these advancements, allowing the financial services industry to best serve clients in the modern marketplace while continuing to ensure investor protection."

Brown said the appointment will prove crucial to navigate the current uncertainty.

"With the ongoing market volatility and economic uncertainty, the need for professional, objective financial advice has never been greater," he continued.

"The rules of the regulatory road must be clearly defined so financial advisers and firms can confidently and effectively serve Main Street American investors."

Meanwhile in the UK, the FCA has reappointed Nikhil Rathi as chief executive for a second term.

The appointment was handed down by the Chancellor of the His Majesty's Treasury (HM Treasury) Rachel Reeves, which will see Rathi serve in the role until at least September 2030.

Rathi will continue to lead the FCA in removing unnecessary, outdated and duplicated regulations, whilst ensuring market securities. He was instrumental in spearheading the series of policy changes to boost growth in the UK, the HM Treasury said.

"Nikhil Rathi has been crucial in this government's efforts to reform regulation so it supports growth and boosts investment - I am delighted he will be continuing his leadership of the FCA," Reeves said.

"We want the FCA to go further and faster to deliver this government's Plan for Change and we look forward to continuing to work together to achieve this."

Commenting on his extended tenure, Rathi said: "I am honoured to be reappointed by the Chancellor. The FCA does vital work to enable a fair and thriving financial services sector for the good of consumers and the economy."

"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 chair Ashley Alder described Rathi as the "right leader in testing times."

"His exemplary first term as chief executive has ensured the FCA is an organisation transformed," Alder said.

"We've set a new standard for consumer protection, made it easier for businesses to access capital and quicker for firms to get authorised.

"That provides the solid foundation to deliver our ambitious new strategy - to deepen trust, rebalance risk, support growth and improve lives."