Consumer Financial Well-Being in South Africa’s Twin Peaks Regulatory Regime: From Measurement, to Confidence in Outcomes

Schmulow, Andrew, "Consumer financial well-being in South Africa’s Twin Peaks regulatory regime: from measurement, to confidence in outcomes", The International Review of Financial Consumers, Vol. 5, no. 2, October, 2020, pp: 11-18, 2508-464X; 2508-3155, https://93b0681a-29ae-4462-a53e-3d71b0687faa.

11 Pages Posted: 13 Feb 2021

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: October 2020

Abstract

This paper examines aspects of consumer protection in the financial services industry in South Africa. First, the paper briefly outlines the reforms to the financial regulatory architecture in South Africa: the adoption of Twin Peaks. Next, the paper provides an account of the Treating Customers Fairly (TCF) regime, and the manner in which that has served as the groundwork for the Twin Peaks reforms. In the third part a description and analysis is provided of the sources of data available to the consumer protection regulator in South Africa. In the final part a description and explanation is provided of a comprehensive indicator framework being developed in South Africa to measure customer outcomes. This will be the first such framework of its kind in the world. The writer provided the thought-leadership for the development of this framework, in conjunction with a joint South African-Australian management consultancy (DBA), and in partnership with the Consultative Group to Assist the Poor (CGAP), a division of the World Bank.

Keywords: Twin Peaks, Financial System Regulation, Treating Customers Fairly, TCF, Consumer Protection, Consumer Financial Well-Being, Financial Sector Regulation Act, Conduct of Financial Institutions Bill, CoFI

Suggested Citation

Schmulow, Andrew, Consumer Financial Well-Being in South Africa’s Twin Peaks Regulatory Regime: From Measurement, to Confidence in Outcomes (October 2020). Schmulow, Andrew, "Consumer financial well-being in South Africa’s Twin Peaks regulatory regime: from measurement, to confidence in outcomes", The International Review of Financial Consumers, Vol. 5, no. 2, October, 2020, pp: 11-18, 2508-464X; 2508-3155, https://93b0681a-29ae-4462-a53e-3d71b0687faa., Available at SSRN: https://ssrn.com/abstract=3744509

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
18
Abstract Views
86
PlumX Metrics