Mark Steward Leaves FCA after Seven Years as Enforcement Director

Steward joined the UK regulator in 2015.

He worked previously with financial watchdogs in Hong Kong and Australia.

The United Kingdom's Financial Conduct Authority (FCA) has informed that the Executive Director of Enforcement and Market Oversight, Mark Steward, is stepping down after seven years.

Steward has been associated with the UK's financial markets regulator since 2015, being responsible for conducting many significant enforcement cases and leading an anti-financial fraud marketing campaign called 'Scamsmart'.

As the FCA reports, the outgoing Executive Director of Enforcement and Market Oversight developed a data-led approach to market oversight for publicly listed markets in the UK.

"Mark has brought his formidable experience as a regulator and litigator to the FCA, delivering significant enforcement cases across a broad spectrum, as well as the FCA's data-led approach to market oversight," Nikhil Rathi, the Chief Executive of the FCA, said in a statement.

Before joining the FCA, Steward worked with the Hong Kong Securities and Futures Commission (SFC). There, he held the Executive Director role responsible for the work of the Enforcement Division. Prior to that, Steward fulfilled similar duties at the Australian Securities and Investments Commission (ASIC). In addition, he earned a law degree from the University of Melbourne in 1989.

"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," Mark Steward commented.

Changes in FCA in Recent Months

Before Steward's departure, the UK financial markets regulator had revealed the appointment of two new members of the institution. First, in July, the United Kingdom's Treasury confirmed the appointment of Ashley Alder as the new Chair of the FCA. As disclosed, he is expected to take over the position in early 2023, stepping down from his role as the Hong Kong SFC Chairman.

In August, the FCA announced the appointment of Ruairi O'Connell, who previously held the Home's Office Director position, as Director of International. O'Connell's role is to help shape the institution's international development strategy.

Earlier in 2022, the FCA unveiled a new three-year growth strategy that includes the digital asset market. Among other things, the regulator is keen to use its resources to prevent financial harm to consumers.