The new financial services regulatory regime in South Africa  The great recession, which began in 2008 has shown that imbalances between the real and financial sectors of the economy could increase the vulnerability of the financial system. In addition, with hindsight, we now know that such vulnerabilities may not become evident solely through the supervision of individual institutions.
For this reason, macro-prudential aspects of financial stability have gained traction in policy circles around the globe. South African policymakers have also engaged in a process of reviewing and revamping the regulation of the financial sector. In February 2011, the Minister of Finance announced that South Africa would be shifting to a “Twin Peaks” model of financial regulation.