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Colombia removes financial regulator from post

Friday, November 29, 2013

Colombia's inspector general said the government's financial regulator had been removed from his post and banned from holding public office for 12 years after the collapse of the country's largest brokerage.

The decision was taken after an investigation into whether the financial watchdog failed to properly monitor the brokerage Interbolsa in the months leading up to its financial implosion last year.

Chief regulator Gerardo Hernandez, who will appeal the decision, failed to take sufficient measures to protect Interbolsa shareholders and to prevent its collapse, Inspector General Alejandro Ordonez said.

Source: Reuters