Dubai Financial Services Authority Appoints Mark Steward as Chief Executive

The Dubai Financial Services Authority (DFSA), the regulatory body overseeing financial services in the Dubai International Financial Centre (DIFC), has announced the appointment of Mark Steward as its new Chief Executive. His tenure will commence on 19 May 2025, lasting for a term of three years. Additionally, he will join the DFSA Board of Directors on the same date. Steward will take over from Ian Johnston, who will step down after serving two successful terms in the role.

Vast Global Regulatory Experience

Mark Steward brings with him over three decades of international regulatory expertise, having worked across Australia, the UK, and Hong Kong. His extensive background has equipped him with a profound understanding of the global financial regulatory environment, making him well-positioned to lead the DFSA into its next phase.

Key Roles in Major Financial Regulatory Bodies

Before joining the DFSA, Steward served as Executive Director of Enforcement and Market Oversight at the UK’s Financial Conduct Authority (FCA). In this role, he was responsible for overseeing all enforcement activities and managing the UK Listing Authority’s functions. Additionally, he chaired the FCA's Market Policy Committee and led the International Division.

Before his tenure at the FCA, Steward was an Executive Director at the Hong Kong Securities and Futures Commission (SFC), where he oversaw the Enforcement Division. His earlier career also saw him holding senior leadership positions at the Australian Securities and Investments Commission (ASIC), further solidifying his expertise in financial regulation.

Mark Steward holds a law degree from the University of Melbourne, which he completed in 1989. His legal foundation has played a crucial role in shaping his approach to financial regulation and enforcement. With his extensive experience and leadership in regulatory affairs, Steward’s appointment signals a strategic move for the DFSA as it continues to strengthen financial oversight within the DIFC.

Fadel Al Ali, Chairman of the DFSA said: “We are delighted to announce the appointment of Mark Steward as the new Chief Executive-designate of the Dubai Financial Services Authority. He brings with him a wealth of international experience in capital markets and financial services, and expertise to manage cross-border regulatory relationships, and ensure adherence to the highest standards while driving innovation and operational efficiency. This will be invaluable to us as we continue to build on the DFSA’s success, as well as the ongoing growth and development of the Dubai International Financial Centre.”

“On behalf of the Board, I would like to extend my thanks to Ian Johnston for his exceptional leadership and unwavering dedication to the DFSA over the last three years. Ian has played a pivotal role in shaping the DFSA’s success and fostering a culture of innovation and excellence. We wish him all the best with his future endeavours,” Fadel Al Ali added.

Mark Steward, Chief Executive-designate of the DFSA, said: “I am honoured to join the DFSA and to lead the talented team into the next chapter of the DFSA’s journey. It’s an exciting time to be part of the financial services sector within the region, and I am looking forward to building on the DFSA’s work in delivering regulatory excellence and innovation while supporting the DIFC, Dubai, and the United Arab Emirates in becoming one of the world’s premier financial hubs.”