Retail Market Conduct Reforms in South Africa Under Twin Peaks
(2018) Law and Financial Markets Review, DOI: 10.1080/17521440.2017.1419613
28 Pages Posted: 20 Feb 2018 Last revised: 3 Apr 2018
Date Written: January 3, 2018
This article examines retail market regulatory reforms currently underway, as part of the implementation of a Twin Peaks regulatory model in South Africa. A brief account is provided of the history of these reforms, followed by an analysis of the normative goals put in place for a new market conduct and consumer protection regime; and the developmental needs that inform those goals. Thereafter the article explores the inter-relationship between the existing credit regulator and the soon to be established Financial Sector Conduct Authority. An analysis is then provided of accountability mechanisms, as well as failures exhibited by those mechanisms in the UK and Australia. Finally an argument is made for a “regulator for the regulators”, in order to address past regulatory failures.
Keywords: Conduct of Financial Institutions Bill South Africa
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