There is no perfect candidate for a job as challenging as chief executive of the Financial Conduct Authority. But Nikhil Rathi certainly ticks a lot of the boxes.

For a start, he is an outsider with private sector experience, who should be able to bring a fresh perspective to an organisation that many in the City believe is badly in need of a shake-up. At the same time he knows the FCA well, both from his six years at the London Stock Exchange and from his previous decade at the Treasury.