FCA Sharpens Teeth, Naming Mark Steward as Head of Enforcement

In light of the ongoing siege on transparency in financial markets, the UK’s Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) has named Mark Steward as its newest Head of Enforcement, according to an FCA statement.

As a result of the appointment, Mr. Steward will oversee all fines and penalties on City firms taking on London scammers, after serving in a similar role at the Hong Kong Securities and Futures Commission. This move marks the second such transition to the UK, following a similar path trail blazed by the current FCA chief, Martin Wheatley.

The head of enforcement role was an unfilled void following the promotion of Tracey McDermott as the FCA’s head of supervision earlier this year. The position has been temporarily filled on an interim basis by Georgina Philippou, who following the appointment of Mr. Steward will return to the role of director of strategy and delivery.

According to Mr. Wheatly in a recent statement on the appointment, “These are two vital roles within the UK regulatory system and it says a lot about the FCA that we have been able to attract such high calibre candidates to fill them.”