British regulator brought in to sort out German watchdog

Germany has tapped Mark Branson from Swiss monetary regulator Finma to head its beleaguered monetary watchdog Bafin, the finance ministry stated on Monday.

Mr Branson, a British-born mathematician with Swiss and British citizenship, will acquire up the new submit “in the middle of the 12 months”, the ministry stated.

He will realize success Felix Hufeld, who was sacked in January above Bafin’s failure to reduce the Wirecard fraud – Germany’s major accounting scandal in dwelling memory.

Mr Branson will be charged with applying reforms introduced in February built to help the regulator to determine fraud much more immediately and effectively, with a greater target on whistleblowers.

With Mr Branson “at the helm”, the regulator will proceed with the reforms aimed at supplying it “much more enamel”, finance minister Olaf Scholz stated.

Mr Branson, 52, has been head of the Swiss monetary sector regulator Finma because 2014, possessing joined in 2010.