In light of the ongoing siege on transparency in financial markets, the UK’s Financial Conduct Authority (FCA) 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.
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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.”