Steward said he recognised the time taken to investigate the issue caused "frustration among those affected by a firm or fund failure" who are looking for answers.
He added: "They rightly look to us to provide those answers. As a result, it is vital we investigate thoroughly and investigations are not limited at their outset.
Article continues after advert
"Instead, we look at what all the evidence tells us before we make conclusions about what, if any, misconduct has taken place and who is responsible, if it has.
"It is only then that we can assess what, if any, sanction we should put in place. It is important as the decision-makers on investigations that we do not prejudge their conclusion."
rachel.mortimer@ft.com
Page 2 of 2
