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Felix Hufeld, the president of BaFin, said the industry alone cannot solve the problem, in comments that appear to break with EU policy makers who’ve said they don’t see a need for urgent government action. His comments are aligned with U.K. and industry views that policy makers should solve the issue and ensure contracts can continue post-Brexit.
“It is almost impossible to fix that problem exclusively just by one side of the stakeholders involved, let it be the industry itself or individual supervisors,” Hufeld said in a Bloomberg Television interview on Thursday. “I’d rather prefer a regulatory or legislative solution to fix the problem.”
Hufeld said the issue is “one of the major challenges” and that “there should be a solution on the political level” to provide security. [...]