The revised Bill is expected to be tabled in Parliament later this year. Planning for the implementation of the Twin Peaks Regulatory Model is proceeding. This model locates the regulation and supervision of both banks and insurance companies within the Bank and allocates market-conduct oversight to a new authority that will replace the Financial Services Board (FSB).
The envisaged changes will have a significant impact on the Bank in terms of responsibilities and resources, with a sizeable increase in personnel expected.