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
Date Written: October 2020
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
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