The roles fit into the new leadership structure which was announced last December.

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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.

Martin Wheatley, chief executive of the FCA, 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.

Mr Wheatley said: “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.”

The appointments represent the next stage of the implementation of the FCA’s new strategic approach, the regulator said. 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.