The Bafin boss wants to reorganize the financial supervision.
(Photo: dpa)
Frankfurt Bafin boss Mark Branson is getting reinforcements from his previous employer for the expanded board of directors of the German financial supervisory authority: Rupert Schaefer, currently a member of the management board of the Swiss financial supervisory authority Finma, will take over the management of the new strategy, policy and management division on November 1, 2022.
The 42-year-old, who is said to have both German and Swiss citizenship, has “sound knowledge of strategic, regulatory and political issues,” said the Federal Financial Supervisory Authority (Bafin) on Thursday. Currently, the Board of Directors of Bafin, including Branson, has six members.
Branson, who previously led the Swiss financial regulator Finma, took over the management of Bafin in August last year from Felix Hufeld, who had to vacate his post in the wake of the Wirecard scandal. In the case of Wirecard, neither the Bafin nor the auditors of EY had noticed the alleged billion-dollar fraud of the now insolvent payment service provider, which had been going on for years. Branson is to drive the reorganization of the Bafin.