Bafin boss Mark Branson warns of bubbles in the markets

Frankfurt The financial supervisory authority Bafin wants to take action harder and faster in the event of grievances. “The Bafin must have the courage to make unpleasant decisions, even if we do not have perfect information and if there are certain risks associated with it,” said Mark Branson to the Handelsblatt in his first interview as Bafin President. “Because not deciding and waiting is often even more risky for customers and for the stability of the financial system.”

So far, the Bafin has usually only intervened when it could be sure that its decisions are legally watertight. Branson now wants to establish a new culture. “We need to be willing to push boundaries,” said Branson. “If there is a grievance, we have to do something, even if this issue is not clearly regulated in the law.” In August, Branson succeeded Felix Hufeld, who resigned prematurely after the Wirecard scandal.