THE financial services industry has submitted hundreds of responses to the so-called twin peaks bill, which, when adopted, will usher in a synchronised regulatory framework in the sector.Banking Association SA (Basa) has submitted more than 100 comments on the bill — in response to a call made by Parliament — and expressed concerns about the proposed legislation’s wording.The Treasury, which on Thursday published a formal response to hundreds of public comments on the bill, has agreed with some of Basa’s suggested changes and accommodated them in a new draft of the bill.However, the Treasury also disagreed with some of Basa’s commentary and attributed this to "misreading" the bill on the lobby group’s part.The bill, once passed into law, will create two centres of power for regulating the sector. The twin peaks structure is modelled on that of the UK, which has successfully prosecuted and jailed errant financial services professionals.The bill is expected back in Parliament in Augus...
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