Mark Steward to step down from FCA

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Mark Steward to step down from FCA
Mark Steward, who will leave the FCA in 2023

The executive director of enforcement and market oversight at the Financial Conduct Authority is to step down.

Mark Steward is leaving in spring 2023 after seven years with the regulator, the FCA announced this morning (October 18).

He joined the City watchdog from the Hong Kong Securities and Future Commission where he led the enforcement division, and prior to that was at the Australian Securities and Investments Commission.

During his tenure at the FCA, Steward led a number of enforcement cases, as well as the listing authority, and had oversight of the UK’s publicly traded markets.

Chief executive of the FCA, Nikhil Rathi, 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.”

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.”

The search for Steward's replacement will begin shortly, the FCA said. 

sally.hickey@ft.com