Financial Conduct Authority names Mark Steward as new top enforcer

 
Jessica Morris
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Steward will be charged with looking after the financial markets (Source: Getty)

The Financial Conduct Authority (FCA) has appointed Mark Steward as the new director of enforcement and market oversight.

Steward joins from his position as head of enforcement at the Hong Kong Securities and Futures Commission, and will step into the shoes of Tracey McDermott, who was recently promoted to head of the supervision division.

Read more: Watchdog reshuffle: Zitah McMillan and Victoria Raffe set to leave FCA ahead of Davis report

The financial watchdog also named Barbara Frohn as the new director of risk and compliance oversight.

Frohn is managing director of Banco Santander - although she's currently on secondment to the Institute of International Finance in Washington.

"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," Martin Wheatley, chief executive of the FCA, said.

Read more: FCA chiefs cling on despite damning Davis report on insurance market fiasco

"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."

The FCA came under fire last year after a bungled press briefing, which wreaked havoc in the insurance market by crunching the share value of several life insurers such as Aviva, L&G and Prudential.

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