FCA appoints new Director of Enforcement and Market Oversight and Director of Risk

Published: 05/06/2015     Last Modified: 05/06/2015

The Financial Conduct Authority today announced the appointments of two key executive roles, with Mark Steward becoming the new Director of Enforcement and Market Oversight and Barbara Frohn the new Director of Risk and Compliance Oversight.

Mark Steward is currently the head of enforcement at the Hong Kong Securities and Futures Commission, and Barbara Frohn is Managing Director of Banco Santander and currently 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.

Martin Wheatley, Chief Executive of the Financial Conduct Authority, 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.

The FCA also announced the details of three recent key Director 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.

Martin Wheatley commented:

“While the FCA has been able to attract some of the best people from outside, we also have highly talented, hard-working people within the organisation and Marc Teasdale, Jo Hill and Andrew Whyte will be taking on roles that will be vital to the organisation successfully delivering its objectives and priorities for the years ahead.”

These appointments represent the next stage of the implementation of the FCA’s new strategic approach and the associated new leadership structure which was announced last December.

Mark Steward’s role brings together the organisation’s Enforcement function with a new Market Oversight Division, which was created by incorporating the UKLA and Market Monitoring functions.

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.

Notes to editors

  1. Mark Steward is currently a member of the Hong Kong Securities and Futures Commission (SFC) and is an Executive Director with responsibility for the Enforcement Division. That Division is responsible for the surveillance of the securities and futures markets to identify unacceptable conduct, investigating statutory offences and breaches of the legislation enforced by the SFC, and disciplining licensed persons and initiating prosecutions where appropriate.
    Before joining the SFC, Mr Steward held several senior positions with the Australian Securities and Investments Commission (ASIC) and was most recently Deputy Executive Director, Enforcement at ASIC. Mr Steward has been involved in corporate and securities regulation since 1987 in both Australia and in the UK specialising in investigatory work and resulting litigation. Mr Steward completed a law degree at the University of Melbourne in 1989. He has practised extensively in Australian courts.In addition Mark is a non-executive director of the Financial Disputes Resolution Centre. 
  2. Barbara Frohn is a Managing Director Public Policy for Santander US and is currently seconded to the Institute of International Finance in Washington, D.C. Barbara is a specialist in Risk and Regulatory matters.
    She represents the banking industry in regulatory and supervisory discussions with regulators, Government and Central Banks.
    At the IIF she has been leading on the work into the future of the regulatory capital framework and the benchmarking of internal risk models.
    Previously Barbara acted as personal advisor to the CEO of Grupo Santander where special focus areas were Regulation & Supervision, Risk Management and the European Business Units (among which Santander UK) and was Managing Director, Global Head of Model Validation also representing Santander’s Risk division and Public Policy in various international forums.
    Between 1995 and 2008 Barbara held a number of senior roles at ABN AMRO, based in The Netherlands, including Senior Vice President, Head of Basel II Requirements.
    Barbara Frohn was official advisor to the European Parliament for a period of 4 years.
  3. The FCA published details of its new strategic approach in December 2014. The details of the strategy can be found here.
  4. The organisational structure is set out here.
  5. Find out more information about the FCA.

 

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