South Africa has opted to shift to a Twin Peaks model of financial sector regulation which represents a move away from a fragmented regulatory approach (based on the institution or activity) towards a regulatory and supervision model based on objectives.
In terms of proposed legislation, the Bank will house the Prudential Authority, which would supervise the safety and soundness of banks, insurance companies and other financial institutions, while the market conduct authority would supervise the way in which financial services firms conduct themselves and treat their customers.