Markets regulator goes from HK to UK
Print Edition
BRITAIN’S markets watchdog has appointed the Hong Kong Securities and Futures Commission’s Mark Steward as its top enforcer, it said yesterday.
Steward has clocked up several high-profile victories as head of enforcement at the Hong Kong markets watchdog, including the first criminal prosecution for insider trading in 2009, and the first forced liquidation of a listed company for fraud in February.
On his move to Britain’s Financial Conduct Authority, he will lead efforts to toughen enforcement. Since the 2007-09 financial crisis, British regulators have been shaking off a “light touch” reputation by pursuing “credible deterrence” with tougher actions.
The results have been mixed as scandals continued with banks fined for trying to rig benchmark interest rates.
Yesterday the FCA levied a record 117-million-pound (US$178 million) fine on Lloyds bank as it seeks to draw a line under a string of mis-selling scandals stretching back over two decades.
Lloyds was fined for failing to handle properly customer complaints about mis-sold loan insurance, the largest fine imposed by the FCA in the country’s most expensive consumer scandal.
Steward, prior to joining the Hong Kong’s SFC, held a similar position at the Australian Securities and Investment Commission. His contract at the SFC expires in September.
The FCA also said that Barbara Frohn will be its new director of risk and compliance oversight.
“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 caliber candidates to fill them,” FCA Chief Executive Martin Wheatley said.
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