The current Financial Services Board will be re-named the Financial Sector Conduct Authority (FSCA) and will be responsible for the market conduct of all financial services institutions, including banks. Under the planned twin peaks approach, there will be opportunity to streamline the supervision of the financial system between the SARB and the yet-to-be-formed FSCA.
There will be a phased approach to the implementation of a twin peaks model, starting with the enactment of relevant legislation to establish the relevant regulators. In December 2014, the National Treasury (NT) released, for public comment, the cabinet-approved second draft of the Financial Sector Regulation Bill to give effect to the establishment of the necessary regulators, their powers and responsibilities.