British regulator brought in to sort out German watchdog

Germany has tapped Mark Branson from Swiss fiscal regulator Finma to head its beleaguered fiscal

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

Mr Branson, a British-born mathematician with Swiss and British citizenship, will just take up the new post “in the middle of the calendar year”, the ministry explained.

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

Mr Branson will be charged with utilizing reforms introduced in February made to empower the regulator to detect fraud a lot more promptly and properly, with a bigger aim on whistleblowers.

With Mr Branson “at the helm”, the regulator will continue on with the reforms aimed at supplying it “a lot more teeth”, finance minister Olaf Scholz explained.

Mr Branson, fifty two, has been head of the Swiss fiscal sector regulator Finma due to the fact 2014, possessing joined in 2010.