Twin Peaks Newsletter Issue 3 - Phasing in of the Twin Peaks Model

January 23, 2018

This issue of the newsletter focuses on the phasing in of the Twin Peaks regulation model, with the aim of highlighting some of the changes or amendments that the new regulatory system will introduce. It (the newsletter) provides clarity on the regulations of the banking sector under the new Financial Services Conduct Authority (FSCA) and explore issues that may arise as the new Financial Sector Regulation Act, which is seen as the foundation of the Twin Peaks model, is implemented. Moreover, FSCA’s plans to be more proactive in its regulation of the banking sector will further be analysed in this edition. The FSCA, which will replace the Financial Services Board, will address the relevant conduct risks and concerns in the sector.


FSCA aims to be more proactive


The Financial Sector Conduct Authority (FSCA) intends to be more proactive in executing its mandate as well as being more intrusive in its supervisory activities. Preparations are under way for the launch of the FSCA, which will replace the Financial Services Board (FSB).


FSB’s deputy executive officer for Collective Investment Schemes and Chair of the Regulatory Strategy Committee, Jurgen Boyd has outlined some of the FSCA plans for the sector. 

 

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Fast paced development of FinTech


Fast paced development of FinTech is likely to spark greater regulatory scrutiny in South Africa.
The winds of change in the financial services sector is gaining traction as financial technology or fintech is transforming how, where and when investments and payments are made.

 

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FSCA will enhance FSB’s employees’ skills


As the Financial Services Board (FSB) transitions into the Financial Sector Conduct Authority (FSCA) creating a more resilient and stable financial system it will require news skills and expertise to address its expanded mandate.

 

The adoption of Twin Peaks regulations provides FSB soon the FSCA with an opportunity to enhance skills of its employees to deepen its understanding of those risks that may threaten the fairness and integrity of the country’s financial system.

 

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Can financial regulation avoid a new systemic crisis?

 

It is almost 10 years since the global financial crisis, but many countries are still recovering from the mayhem. The financial systems havoc can be traced to the US and European banks and governments for allowing lower income groups to borrow at sub-prime rates.

In the aftermath of the economic crisis governments began a process of changing and strengthening regulatory and risk management.

 

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