Germany has called on Mark Branson of Swiss financial regulator Finma to lead its beleaguered financial watchdog Bafin, the finance ministry said on Monday.

Mr. Branson, a mathematician of British origin and of Swiss and British nationality, will take up the new post “in the middle of the year,” the ministry said.

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He will succeed Felix Hufeld, who was sacked in January for Bafin’s failure to prevent Wirecard fraud – Germany’s biggest accounting scandal in living memory.

Mr Branson will be tasked with implementing reforms announced in February aimed at enabling the regulator to identify fraud faster and more effectively, with a greater focus on whistleblowers.

With Mr Branson “in charge”, the regulator will continue reforms aimed at giving it “more bite”, said Finance Minister Olaf Scholz.

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Mr. Branson, 52, has headed Swiss financial market regulator Finma since 2014, after joining in 2010.

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Source: www.telegraph.co.uk
This notice was published: 2021-03-22 14:27:39

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