May 11, 2020 / 8:39 AM / 14 days ago

EU watchdog was wrong to let official move to banking lobby -Ombudsman

LONDON, May 11 (Reuters) - The European Union’s banking watchdog should have barred its executive director from becoming the head of a banking lobby, the bloc’s ombudsman said on Monday.

The departure of European Banking Authority (EBA) Executive Director Adam Farkas to head the Association for Financial Markets in Europe (AFME) led to “revolving door” accusations from EU lawmakers.

The European Ombudsman said it had found two instances of “maladministration”: that the EBA should not have let its former executive director become CEO of AFME; and that the EBA did not immediately put in place sufficient internal safeguards to protect its confidential information when the planned move become clear. (Reporting by Huw Jones; Editing by Hugh Lawson)

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