The Twin Peaks model of financial regulation represents a move away from a fragmented regulatory approach (based on the institution or activity) towards a regulatory and supervision model based on objectives.
It is envisaged that, once fully implemented, the Twin Peaks system of regulation will focus on a more harmonised system of licencing, supervision, enforcement, customer complaints, an appeal and review mechanism, and consumer advice and education. National Treasury published the second draft of the Financial Sector Regulation Bill in December 2014.