Retail Market Conduct Reforms in South Africa Under Twin Peaks

(2018) Law and Financial Markets Review, DOI: 10.1080/17521440.2017.1419613

UWA School of Law Research Paper No. 2018

28 Pages Posted: 20 Feb 2018 Last revised: 3 Apr 2018

See all articles by Andrew Schmulow

Andrew Schmulow

University of Wollongong, School of Law; Clarity Prudential Regulatory Consulting Pty Ltd; Oliver Schreiner School of Law; Centre for International Trade

Date Written: January 3, 2018

Abstract

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

Suggested Citation

Schmulow, Andrew, Retail Market Conduct Reforms in South Africa Under Twin Peaks (January 3, 2018). (2018) Law and Financial Markets Review, DOI: 10.1080/17521440.2017.1419613, UWA School of Law Research Paper No. 2018, Available at SSRN: https://ssrn.com/abstract=3111173

Andrew Schmulow (Contact Author)

University of Wollongong, School of Law ( email )

Northfields Avenue
Wollongong, New South Wales 2522
Australia

Clarity Prudential Regulatory Consulting Pty Ltd ( email )

Level 5, 306 Little Collins Street
Melbourne
Victoria, Victoria 3000
Australia

HOME PAGE: http://www.clarityprc.com.au

Oliver Schreiner School of Law ( email )

PBag X3, WITS
2050 Johannesburg
South Africa

Centre for International Trade ( email )

206 International Hall
Seoul 110-745, 110-745
Korea, Republic of (South Korea)

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
45
Abstract Views
318
PlumX Metrics