Wirecard Scandal Will Drive Supervision Overhaul

The European Commission’s EVP for Economic Policy, Valdis Dombrovskis, said the Wirecard scandal has helped to galvanize the effort to improve oversight against fraud; “We are looking at how we can strengthen the system to avoid that kind of situation happening again,” he said to the FT. “It’s clear we are dealing with a case where investors were not given the truthful information about the state of play of the company.”; regulators are also looking at ways to strengthen audit committees to ensure they perform the proper due diligence;“Wirecard’s failure potentially raises issues at all three levels of defence and this is why we are now looking at those issues comprehensively to draw all lessons that need to be launched and take necessary actions,” Mr Dombrovskis said to the FT. Financial Times.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.