The Financial Sector Regulation Bill is on course to be enacted later this year. It will be the first piece of legislation in a series of proposed laws that will bring the regulation of all local financial services together under the Twin Peaks model.
The legislative paradigm shift is in line with global norms, with the intention of helping to ensure that financial stability is maintained and consumers of financial providers and services are better protected.
The Twin Peaks model follows two policy papers that respond to lessons learnt from the 2008 global financial crisis: A Safer Financial Sector to Serve South Africa Better (National Treasury, February 2011) and Implementing a twin peaks model of financial regulation in South Africa (Financial Regulatory Reform Steering Committee, February 2013).
- Twin Peaks Newsletter Issue 1: The South African Perspective