How 'Twin Peaks' will change financial regulation in South Africa

The “Twin Peaks” model of financial sector regulation creates - under the South African Reserve Bank - the “Prudential Authority”.

The “Prudential Authority” must uphold the reliability of regulated financial institutions.

The Financial Sector Conduct Authority will be tasked with protecting customers through its oversight.

Structures will be in place to ensure co-ordination between the two authorities and other regulators.

The Financial Services Board (FSB) will change into the Financial Sector Conduct Authority and will act as a dedicated market conduct regulator.

The Money Show’s Bruce Whitfield interviewed Cas Coovadia, MD of the Banking Association.

Coovadia discussed “Twin Peaks” and the implementation thereof.

Scroll down for quotes from the audio below.

To have separate regulators at the prudential level doesn’t allow the regulators a full view.

Cas Coovadia, MD of the Banking Association

Better coordination will make financial institutions more efficient while making the financial sector more secure.

Cas Coovadia, MD of the Banking Association

This boils down to ensuring that financial services providers act responsibly.

Cas Coovadia, MD of the Banking Association

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : How 'Twin Peaks' will change financial regulation in South Africa


Recommended

by NEWSROOM AI
Read More
How to plan succession in a small business

How to plan succession in a small business

Small business guru Pavlo Phitidis advises on dealmaking and succession from founder to successor through a management buy-out.

How to best save and invest for your children

How to best save and invest for your children

What is the best financial gift you can give your children? Personal financial advisor Warren Ingram has a few answers.

Why Shoprite wants to pay Christo Wiese R3.3 billion

Why Shoprite wants to pay Christo Wiese R3.3 billion

Simon Brown on why is Shoprite wants shareholders to approve paying R3.3bn to Christo Wiese for his high-voting shares.

Amcu may soon be dead and buried

Amcu may soon be dead and buried

The Labour Registrar wants to deregister Amcu. Ray White interviews Phetheni Nkuna, a Senior Associate at Hogan Lovells.

Eskom took South Africa to the brink of collapse for 72 hours late in March

Eskom took South Africa to the brink of collapse for 72 hours late in March

Nobody seemed to notice and those at the helm ensured it stayed that way, says Daily Maverick’s Marianne Merten.

How to quit your job so you can follow your dream

How to quit your job so you can follow your dream

Ever dreamt of just doing it? You may want a few pointers from someone who did. Meet Callan Williamson of Tortilla Modern Mexican.

Popular articles
'Ramaphosa may have to remove Mrwebi and Jiba by tonight'

'Ramaphosa may have to remove Mrwebi and Jiba by tonight'

Freedom Under Law CEO Nicole Fritz says if the president fails to make a decision overnight, they are free to go back to work

Why Shoprite wants to pay Christo Wiese R3.3 billion

Why Shoprite wants to pay Christo Wiese R3.3 billion

Simon Brown on why is Shoprite wants shareholders to approve paying R3.3bn to Christo Wiese for his high-voting shares.

How to quit your job so you can follow your dream

How to quit your job so you can follow your dream

Ever dreamt of just doing it? You may want a few pointers from someone who did. Meet Callan Williamson of Tortilla Modern Mexican.

Retain body heat with an aluminium foil this winter, advises City of Joburg

Retain body heat with an aluminium foil this winter, advises City of Joburg

Khabazela shares what has kept social media abuzz on What's Gone Viral.

Giant ANC billboard with spelling error has social media in stitches

Giant ANC billboard with spelling error has social media in stitches

Khabazela shares tweets and Facebook posts that have gone viral.