The Financial Conduct Authority (FCA) has looked east for its new head of enforcement, bringing in the man who currently heads up the same division for the Hong Kong regulator.
Mark Steward will become the new director of enforcement and market oversight, moving from his role as head of enforcement at the Hong Kong Securities and Futures Commission.
The FCA has also appointed a new director of risk, Barbara Frohn, currently the managing director of Banco Santander, though on secondment to the Institute of International Finance in Washington, D.C.
Both will be expected to take up their new roles in London, in the early autumn.
FCA chief executive Martin Wheatley (pictured) said: “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.
“Mark and Barbara have built up excellent reputations for their work in financial services across the globe, and I am delighted they have chosen to bring their experience to the FCA.”
Shuffle at the top
The hires reflect a reshuffle in the ranks at the FCA.
It included three recent key appointments as 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.
Wheatley said these appointments represent the next stage of the FCA’s new strategic approach and the associated new leadership structure which was announced last December.
The FCA said 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 for the first time.