South Africa: Financial Sector Assessment Program-Technical Note on Banking Regulation and Supervision

South Africa: Financial Sector Assessment Program-Technical Note on Banking Regulation and Supervision
READ MORE...
Volume/Issue: Volume 2022 Issue 184
Publication date: June 2022
ISBN: 9798400215087
$0.00
Add to Cart by clicking price of the language and format you'd like to purchase
Available Languages and Formats
pdf else
epub else
English
Also of interest
Summary

The implementation of a twin peaks model represents a significant change to the South African financial supervisory architecture. The Prudential Authority (PA), operating within the administration of the South African Reserve Bank (SARB), is responsible for promoting and enhancing the safety and soundness of financial institutions that provide financial products and securities services. A separate authority, the Financial Sector Conduct Authority2 (FSCA), is responsible for market conduct regulation and supervision. The introduction of the twin peaks architecture was motivated by a need to increase the robustness of the financial sector regulatory and supervisory system, reinforce financial stability, improve protection of customers, and enhance cooperation among the regulators.