South Africa: Explainer - Who Will Be Doing What Under South Africa's New 'Twin Peaks' Model

analysis

South Africa has started implementing a new regulatory regime for the financial sector. Known as Twin Peaks, the approach was first adopted in Australia in 1998. South Africa has become the eighth country to adopt the model.

Under Twin Peaks two regulators are established. One is charged with maintaining the stability of the financial system - called prudential regulation; the other is responsible for market conduct and consumer protection - what the South African authorities have neatly abbreviated to calling the "good conduct" peak.

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