Critics from the Finanzwende movement voice disapproval over Wirecard's proposed action plan

In a recent development, Gerhard Schick, a board member of the "Citizen Movement Finance Turnaround" organisation, has voiced his concerns about the current state of financial supervision in Germany. Schick, who is critical of the action plan against balance sheet fraud presented by Finance Minister Olaf Scholz, believes that the reform efforts do not go far enough.

Schick emphasises the need for a more rigorous approach to prevent balance sheet fraud. He suggests that companies providing auditing services should not also offer consulting services to avoid conflicts of interest. This separation of property rights, according to Schick, is necessary and overdue, especially with regard to the supervisory culture at BaFin, the financial supervisory authority.

Schick also advocates for personnel consequences at BaFin to address the supervisory culture. He believes that assuming responsibility for a restart, especially with regard to the supervisory culture, is necessary and overdue at BaFin.

In addition, Schick has called for more comprehensive tightening, including through an investigative committee, to prevent repeated investment scandals. However, it is not specified in the text which specific investment scandals Schick is referring to.

It is not clear from the text whether Schick's suggestions have been formally proposed or are just his personal opinions. Moreover, Schick has not provided any specific details about the email he mentioned in the context of his suggestions.

The chairman of the investigative committee reviewing Finance Minister Olaf Scholz's future approach against balance sheet fraud has not been explicitly named in the provided search results. Schick, as a board member of the "Citizen Movement Finance Turnaround" organisation, has criticised Finance Minister Scholz's action plan against balance sheet fraud.

This call for reform comes at a time when the financial industry in Germany is under scrutiny, with several investment scandals having raised questions about the effectiveness of the current financial supervision system. Schick's proposals, while not yet officially adopted, could potentially lead to significant changes in the way financial supervision is conducted in Germany.

Critics from the Finanzwende movement voice disapproval over Wirecard's proposed action plan