In the light of the Wirecard scandal, Germany to replace BaFin's chief

Felix Hufeld, the head of Germany's financial watchdog BaFin, is being replaced as the fallout from the Wirecard fraud scandal continues to grow. Finance Minister Olaf Scholz announced the move on January 29, 2021, saying it was part of an effort to overhaul the agency.

The news comes after BaFin announced that one of its own employees was suspected of insider trading connected to Wirecard's collapse, according to DW.

BaFin has come under immense pressure over the scandal, with regulators accused of poor oversight and missing warning signs that permitted the accounting fraud to continue for years. A parliamentary committee has been tasked with finding out who knew what and when, the online publication added.