Mark Steward, currently head of the Hong Kong Securities and Futures Commission’s enforcement division, will take over as director of enforcement and market oversight, at the FCA, filling the gap left in December by Tracy McDermott when she moved to the role of director of supervision – investment, wholesale and specialists.
While Barbara Frohn, managing director of public policy at Banco Santander, who is currently on secondment at the Institute of International Finance in Washington, DC, will step into the role of risk and compliance oversight director in early Autumn.
The role was created as part of the new leadership structure announced in December 2014 and is designed to ensure that the new Risk and Compliance Oversight Division provides “a strategic approach to the management of internal and external risk and a direct link between the risk function and the chief executive”.
Steward’s role, the FCA added: “Brings together the organisation’s Enforcement function with a new Market Oversight Division, which was created by incorporating the UKLA and Market Monitoring functions.
Martin Wheatley, FCA chief executive said the two roles are of vital importance 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”.
Internal moves
The regulator also announced a three internal promotions, Marc Teasdale was named director of market oversight within the enforcement and market oversight division, Jo Hill as director for markets intelligence, data and analysis and Andrew Whyte as director of communications within the strategy and competition division, the FCA said.
Of Steward’s departure, Hong Kong SFC chief executive Ashley Alder, said: “Mark has been instrumental in achieving great outcomes both for investors and for the market during his nine years with the Commission, making the fullest use of all our powers, remedies and sanctions.”
Adding that the methods Steward brought are “now hard-wired” into SFC operations, he said it will commence a global recruitment exercise to find a replacement.
