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 escape the tyranny of 'project-based revenues'

How to escape the tyranny of 'project-based revenues'

The Money Show’s Bruce Whitfield interviews small business guru Pavlo Phitidis, founder of Aurik Business Accelerator.

How this year’s Budget will affect your pocket

How this year’s Budget will affect your pocket

Warren Ingram (Galileo Capital Personal Financial Advisor) critiques this year's budget.

Is EOH corrupt? Is that why Microsoft ran for the hills? Its CEO explains…

Is EOH corrupt? Is that why Microsoft ran for the hills? Its CEO explains…

The Money Show’s Bruce Whitfield interviews Stephen van Coller, CEO at EOH Holdings.

'R23 million for rent a month seems huge. I don't think we could've done better'

'R23 million for rent a month seems huge. I don't think we could've done better'

The Money Show’s Bruce Whitfield interviews Adrian Gore, founder and Group Chief Executive Officer at Discovery Limited.

‘We’d be crazy to copy! Sometimes we get it wrong. There's no culture problem'

‘We’d be crazy to copy! Sometimes we get it wrong. There's no culture problem'

The Money Show’s Bruce Whitfield interviews Ian Moir, CEO at Woolworths.

'Minister Mantashe gave us confidence to inject R6 billion into South Africa'

'Minister Mantashe gave us confidence to inject R6 billion into South Africa'

Bruce Whitfield interviews Anglo American CEO Mark Cutifani about his company’s sound financial results.

Popular articles
‘We’d be crazy to copy! Sometimes we get it wrong. There's no culture problem'

‘We’d be crazy to copy! Sometimes we get it wrong. There's no culture problem'

The Money Show’s Bruce Whitfield interviews Ian Moir, CEO at Woolworths.

'R23 million for rent a month seems huge. I don't think we could've done better'

'R23 million for rent a month seems huge. I don't think we could've done better'

The Money Show’s Bruce Whitfield interviews Adrian Gore, founder and Group Chief Executive Officer at Discovery Limited.

[VIDEO] Muizenberg pedestrian attacked in broad daylight

[VIDEO] Muizenberg pedestrian attacked in broad daylight

A woman was attacked on her way to work earlier this month.

'Tourist who survived 20m fall on Table Mountain is the luckiest man alive'

'Tourist who survived 20m fall on Table Mountain is the luckiest man alive'

Incident commander Roy Schoor says the man fell 20m and landed on a section of a cliff. His cry was heard by someone in Camps Bay.

'Bring back skilled engineers to Eskom' - Solidarity

'Bring back skilled engineers to Eskom' - Solidarity

Trade Union Solidarity says it supports Pravin Gordhan's idea that technicians who used to work for Eskom should be brought back.

Criminals targeting homes with aluminium windows, warns neighborhood watch

Criminals targeting homes with aluminium windows, warns neighborhood watch

The Panorama, Welgelegen and Plattekloof Neighbourhood Watch has identified a new house break-in trend.