Dubai, UAE: The Dubai Financial Services Authority (DFSA), the financial services regulator of the Dubai International Financial Centre (DIFC), is pleased to announce the appointment of Mark Steward as Chief Executive, effective 19 May 2025 for a term of three years. Mark will also become a member of the DFSA Board of Directors effective 19 May 2025. Mark succeeds the DFSA’s Chief Executive Ian Johnston who will step down from his role following two successful stints as the DFSA’s Chief Executive.

Mark joins the DFSA with over thirty years of international regulatory experience across financial services within Australia, the UK, and Hong Kong, where he has developed a deep understanding of the global regulatory landscape.

Previously, Mark was Executive Director of Enforcement and Market Oversight at the UK’s Financial Conduct Authority (FCA) where he had responsibility for all the FCA's enforcement work and its functions as the UK Listing Authority. He was also the Chair of the FCA's Market Policy Committee and Executive Director of the FCA's International Division. Prior to this, Mark was at the Hong Kong Securities and Futures Commission (SFC) as an Executive Director with responsibility for the Enforcement Division. Before joining the SFC, Mark held several senior positions with the Australian Securities and Investments Commission (ASIC). Mark completed a law degree at the University of Melbourne in 1989.

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.”

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For further information, please contact:
Corporate Communications
Dubai Financial Services Authority (DFSA)
Level 13, The Gate, West Wing
Dubai, UAE
Email: DFSAcorpcomms@dfsa.ae
https://www.dfsa.ae/ 

About The Dubai Financial Services Authority (DFSA)

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose-built financial free zone in Dubai, UAE. The DFSA regulates and supervises financial services firms and markets in the DIFC. These include asset managers, banks, custody and trust services, commodities futures traders, fund managers, insurers and reinsurers, traders of securities and fintech firms. We supervise exchanges and trading platforms for both conduct and prudential purposes, overseeing an international securities exchange (Nasdaq Dubai) and an international commodities derivatives exchange (Gulf Mercantile Exchange). The DFSA is also responsible for supervising and enforcing anti-money laundering and countering the financing of terrorism requirements applicable in the DIFC. Please refer to the DFSA’s website for more information.

Fadel Al Ali was appointed Chairman of the DFSA on 1 June 2021, having joined the DFSA Board of Directors in 2008. Mr Al Ali held a number of senior positions with First Abu Dhabi Bank (FAB), his last position was as FAB’s Deputy CEO and Group Chief Operation Officer in 2021. Prior to joining FAB, Mr Al Ali was the CEO of Dubai Holding, a global group with assets of USD 35 billion across 21 countries and interests in 14 economic sectors. Mr Al Ali led the financial restructuring of Dubai Holding’s investment groups and led the new business model of Dubai Holding as a strategic investor. Mr Al Ali started his career at Citibank in 1989, and left Citi in his capacity as UAE Head of Distribution, before joining Dubai Holding in 2004. Mr Al Ali is also the Chairman of the Board of Directors of IMKAN Waterfront in Morocco, the Vice Chairman of the Board of Directors of Wio Bank, and a Board member of the Commercial International Bank Egypt.

Ian Johnston was appointed Chief Executive of the DFSA in 2022, a position he previously held from 2012 to 2018. Originally a lawyer, Mr Johnston held a number of senior positions within the financial sector, including as CEO of one of Australia’s major trustee companies. In 1999, Mr Johnston moved into regulation joining the Australian Securities and Investments Commission as Executive Director, Financial Services Regulation, and spent several terms as an Acting Commissioner. He served as a Special Advisor with the Hong Kong Securities and Futures Commission from 2005. Currently, Mr Johnston serves as Vice Chair of the International Organisation of Securities Commissions’ Africa and Middle East Regional Committee and as an IOSCO Board member.

Mark Steward was appointed Chief Executive-designate of the DFSA on 25 February 2025. Previously, Mr Steward served as the Executive Director of Enforcement and Market Oversight at the UK’s Financial Conduct Authority (FCA) from 2015. He was also the Chair of the FCA's Market Policy Committee, and from December 2021, he was Executive Director of the FCA's International Division. Prior to joining the FCA, Mr Steward served at the Hong Kong Securities and Futures Commission (SFC) as an Executive Director with responsibility for the Enforcement Division. 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. Formerly, Mr Steward was Chair, IOSCO Multi-lateral MOU Monitoring Group.