Bafin boss Mark Branson will be taking on additional duties to his current role as president of Germany's financial authority.
Whistleblowers at Germany's financial regulator will be able come to president Mark Branson directly as from next month, «Handelsblatt» (behind paywall, in German) reported on Tuesday.
The dual British and Swiss national will head legal and compliance, which until now was looked after by executive director Béatrice Freiwald. Freiwald will keep responsibilities for human resources and information technology.
EU Protections
A former UBS banker, Branson joined the German regulator from Switzerland's Finma, where he headed the financial authority. Branson's prioritizing of the issue comes at the same time as the Whistleblower Protection Directive takes force in the European Union next month.
The directive sets out rules and a range of activities for public and private organizations with over 50 employees across EU member states. In Switzerland laws protecting whistleblowers are weak, with parliament even rejecting a proposal to increase protection for whistleblowers in 2019.
Overhaul After Scandal
The change at Bafin comes amid a wide organizational overhaul at the financial authority. The German regulator appointed Branson earlier this year to replace Felix Hufeld, who stepped down in the wake of lapses in its regulatory handling of now-defunct Wirecard.
The scandal around the payment service provider revealed that Bafin employees had privately traded extensively in Wirecard shares and derivatives.
