A man who grew up in Barrow has been appointed the next chief executive of the Financial Conduct Authority, responsible for regulating the UK's banks.

Nikhil Rathi, 40, who went to Chetwynde School, replaces interim chief executive Christopher Woolard.

Mr Rathi is expected to join in the autumn and will leave his current job as chief executive of the London Stock Exchange responsible for overseeing the UK markets.

His first tasks will involve making sure banks and financial institutions are not mistreating businesses during the coronavirus crisis and ensure the next stage in Brexit keeps financial markets in the UK and the EU functioning properly.

He 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.

"FCA colleagues can be very proud of their achievements in supporting consumers and the economy in all parts of the UK in recent months.

"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."

Prior to joining LSEG, Mr Rathi worked for the Treasury as director of its financial services group, leading the Government's work on the UK's EU and international financial services interests.

Chancellor Rishi Sunak, who made the appointment, said: "We have conducted a thorough, worldwide search for this crucial appointment. I am confident that Nikhil will bring the ambitious vision and leadership this organisation demands."

FCA chair 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."