The latest moves and appointments at the UK's Financial Conduct Authority
Mark Steward announced this week that he will step down as the FCA's executive director of enforcement and market oversight, after seven years with the regulator.
Steward, who joined the FCA in 2015, will leave in Spring 2023, with the search for his successor to begin shortly, it said in a statement.
During his time there, he led the delivery of some of the FCA’s most complex, high-profile, and precedent-setting enforcement cases, with many notable successes against major global financial institutions and individuals, the regulator said.
He also led the FCA’s listing authority and oversight of the UK’s publicly traded markets, a role in which he developed the FCA’s data-led approach to market oversight. Additionally, he has been at the forefront of the FCA’s anti-scam marketing campaign ‘Scamsmart’.
Before joining the FCA, Steward worked at the Hong Kong Securities and Futures Commission, where he was executive director with responsibility for the enforcement division. Prior to that, he held several senior positions with the Australian Securities and Investments Commission, including deputy executive director, enforcement, the regulator said.
Nikhil Rathi, chief executive of the FCA, said: “Mark has brought his formidable experience as a regulator and as a litigator to the FCA, delivering significant enforcement cases across a broad spectrum, as well as the FCA’s data-led approach to market oversight.”
“That enormous contribution is a result of Mark’s abiding belief in fairness, that markets must be clean if the economy is to thrive and in doing the right thing on behalf of consumers. He has shown that the FCA is willing to take on challenging cases, will use the full extent of our powers and will deliver results that have a real impact for the markets we oversee and for those who rely on them,” Rathi said.
Steward added: “It has been a privilege to serve the FCA throughout many challenges over the last seven years and, as I move on, to leave behind such a strong team for the future.”