Regarding the implementation of a twin peaks model of financial regulation, South Africa decided in 2011 to change its regulatory architecture into a twin peaks regulatory system. The original 2011 policy document on the twin peaks model set-out key proposals aimed at enhancing financial stability, consumer protection, and financial inclusion.
1 In terms of the twin peaks model, the approach will change from regulation by institution to regulation by objective. In this new approach, the South African Reserve Bank (SARB) will be responsible for the prudential oversight of banks, insurers, financial conglomerates, and financial market infrastructures and it will also become the Resolution Authority.