Branson announced a tougher approach to overseeing financial corporations and bolder decisions.
(Photo: Jann Höfer for Handelsblatt)
Munich The new president of the financial supervisory authority BaFin sees the Bonn authority far from reaching its goal with its restructuring. “I am impressed by the speed of implementation and the breadth of the BaFin reform,” said Mark Branson on Wednesday in a press conference with Finance Secretary Jörg Kukies.
But that is only the beginning of a long-term further development of financial supervision. “It takes time until we reach the desired level everywhere. But the direction is right and the motivation is high. “
As a consequence of the accounting scandal and the insolvency of the payment service provider Wirecard, Federal Finance Minister Olaf Scholz (SPD) announced a reform of the authority that would give it more powers. BaFin boss Felix Hufeld has been replaced by Branson, the previous head of the Swiss financial market regulator Finma.
In a “Handelsblatt” interview, Branson had already announced a tougher course in the supervision of financial groups and more courageous decisions.
Top jobs of the day
Find the best jobs now and
be notified by email.