The FRRSC which comprises the National Treasury, the South African Reserve Bank (SARB) and the Financial Services Board (FSB), published in February 2013 for public comment, a summary of the proposals for implementing the Twin-Peaks model. The proposed reforms aim to maintain and enhance financial stability, consumer protection and market conduct, expanding access through financial inclusion and finally combating financial crime.

Under the Twin-Peaks model, the financial services industry and related structures will have two regulators, namely, a prudential regulator, which will operate within the reserve bank, and a new market conduct regulator, which will be established from within a restructured FSB.

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Financial Regulatory Reform Steering Committee - 0.3 Mb