South Africa

Details

  • Industry: Financial Services
  • Type: Business and industry issue
  • Date: 2013/10/04

Twin peaks: Regulation – has it gone too far? 

The South African financial services regulatory environment is in flux! It is experiencing significant regulatory change, which is becoming increasingly burdensome to financial institutions operating in the South African financial services sector. While the intentions behind the new wave of regulations may be sound, the implications to market participants are significant and challenging.
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The source of this burgeoning South African financial services regulatory landscape is primarily rooted in the recent global financial crisis. Since the beginning , governments, politicians and regulators around the world have been calling for additional and stricter regulatory oversight, and South Africa is no exception. This has seen the introduction of laws and regulations that have impacted on the activities of South African financial institutions and the manner in which they conduct business. While the need to protect the taxpayer from ever having to bail out the banks again is laudable, we need to ask the question, has regulation gone too far, especially in the South African context of no bank bailouts during the financial crisis?
 

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Contact

Contact
Gareth Bird
Associate Director, Financial Services
Tel: +27 82 719 2776
garethbird@kpmg.co.za