The “Twin Peaks” model is seen as giving transparency, market integrity and consumer protection sufficient priority. Flowing from this the two regulators will namely be the “Prudential regulator” and the “Market conduct regulator”. The prudential regulator will form part of the South Africa Reserve Bank (SARB). The intention of the Prudential Regulator is to enhance financial stability by promoting safety and soundness of regulated institutions. The market conduct regulator will form part of a restructured Financial Services Board (FSB), with the aim to protect consumers of financial services and promote confidence.
The move to the twin peaks model will result in certain key changes. Organisations will need to adapt to these changes and regulatory requirements.
||Understanding Twin Peaks [podcast]|
Listen to the interview conducted by Michael Avery from Classic FM, on Twin Peaks which explores the reason as to why a twin peaks model of regulation, what it is and what does it mean.