In December 2008, Stephen was appointed as a member of the Financial Crisis Advisory Group (FCAG), the high-level advisory group set up by the International Accounting Standards Board and the Financial Accounting Standards Board to consider financial reporting issues arising from the global financial crisis.
Stephen was Director General, Fair Markets Group at the Department of Trade and Industry (DTI), where he was responsible for the development of the framework within which business operates, including the competition and consumer framework, employment relations, company law, women and equality issues, and also trade and European issues. He held this position from January 2002. Prior to this, from 1998 until Spring 2002, he held other positions within the DTI, including Director of Employment Relations, and Consumer Affairs.
From 1994 to 1998 he was a director of the DTI’s Competitiveness Unit, a central policy team reporting directly to the Secretary of State. From 1990 to 1994 he left the UK civil service to work for the Hong Kong Government as a member of the Governor’s Central Policy Unit. Stephen was Vice President and Chair of the Board of the Institute for Employment Studies, the UK's leading employment and human resources experts, from October 2007 to 2011.
Stephen studied history and economics at Oxford University and joined the Department of Energy in 1978 where he held a number of posts, principally on nuclear issues and as Principal Private Secretary to the Secretary of State for Energy.