British regulator brought in to sort out German watchdog

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

Mr Branson, a British-born mathematician with Swiss and British citizenship, will choose up the new publish “in the center of the year”, the ministry stated.

He will succeed Felix Hufeld, who was sacked in January about Bafin’s failure to reduce the Wirecard fraud – Germany’s most significant accounting scandal in living memory.

Mr Branson will be billed with implementing reforms introduced in February made to permit the regulator to determine fraud additional immediately and properly, with a bigger concentrate on whistleblowers.

With Mr Branson “at the helm”, the regulator will go on with the reforms aimed at offering it “additional enamel”, finance minister Olaf Scholz stated.

Mr Branson, fifty two, has been head of the Swiss money industry regulator Finma considering the fact that 2014, having joined in 2010.