Thursday, December 8, 2022

Top Executive Mark Steward to Exit The FCA After 7 Years With Regulator

Mark Steward has revealed his plans to step down from his role as Head of Markets Oversight and Crypto AML Compliance at U.K.’s Financial Conduct Authority FCA. The news was shared by the top regulator via a Tuesday press release.

Mark Steward Effectively Contributed to The FCA

Without a doubt, Mark Steward has had quite a successful career at the FCA. Since joining the regulator in 2015, he has spearheaded many of the regulator’s critical and high-profile cases against top institutions and private individuals. Not only did he lead the cases, but he also recorded massive success in his enforcement of anti-money laundering AML rules across the board.

His regime was notably responsible for going after billionaire Sam Bankman-Fried-owned crypto exchange FTX in September. At the time, the FCA added the exchange giant to its growing list of unauthorized firms that continue to deal in crypto.

While leading the FCA’s listing authority and oversight of the UK’s publicly traded markets, Steward introduced the data-based approach that is currently being used by the regulator. Among many of his innovations during his time at the FCA is the anti-scam marketing campaign called ‘Scamsmart’.

Meanwhile, Steward’s efforts have not gone unnoticed. According to a statement issued by Nikhil Rathi, Chief Executive of the FCA, the regulatory veteran came in with a wealth of experience and delivered accordingly. And truly, Rathi’s words are not baseless. 

Stewart joined the FCA in 2015 from the Hong Kong Securities and Futures Commission (SFC). At the SFC, he was also Executive Director for the Enforcement Division. Mr Steward has held several senior positions in the regulatory field since 1987.

Mark Steward, however, is grateful for the experience he gathered over his seven years at the FCA. He also expresses his confidence in the team he is leaving behind. He said:

‘It has been a privilege to serve the FCA throughout many challenges over the last seven years and, as I move on, to leave behind such a strong team for the future.’

For now, it remains unclear who will succeed  Steward in the roles he will be leaving open. However, a frantic search for a successor is expected to begin soon. And Mark is expected to leave by Spring 2023.

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