Regulatory experts are expecting a backlog in Financial Conduct Authority investigations to continue as the regulator's veteran enforcement head Mark Steward steps down from the role.

Steward, who has been with the regulator for seven years, was one of only two executive team members to have remained in post since Nikhil Rathi took over as chief executive of the regulator in October 2020. Steward is set to depart early next year, according to an 18 October statement.