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British regulator brought in to sort out German watchdog

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

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

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

Mr Branson will be billed with utilizing reforms announced in February created to enable the regulator to detect fraud additional speedily and successfully, with a even bigger focus on whistleblowers.

With Mr Branson “at the helm”, the regulator will go on with the reforms aimed at providing it “additional tooth”, finance minister Olaf Scholz reported.

Mr Branson, 52, has been head of the Swiss financial market regulator Finma considering that 2014, possessing joined in 2010.