Nikhil Rathi, chief executive officer of the Financial Conduct Authority (FCA) (Hollie Adams/Bloomberg via Getty Images)

The boss of the Financial Conduct Authority (FCA) has sounded the alarm on Britain’s resilience against escalating geopolitical tensions, warning the country’s financial system is not sufficiently prepared the confluence of escalating security threats it faces.

In a speech calling for finance to be put at the heart of the UK’s defence strategy, Nikhil Rathi said private ownership of vital infrastructure like data centres and payment networks has left markets especially exposed to the dangers posed by organised criminals and nation states.

“Conflict today hits balance sheets, funding, markets and consumers as much as any battlefield,” he told attendees of the City Di

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