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Some financial sector institutions and companies have raised objections to proposed levies the Treasury wants to impose on the sector to fund the two regulators that oversee it, saying they are exorbitant.

But the Treasury officials insist that the levies to fund the operations of the Financial Sector Conduct Authority (FSCA) and the Prudential Authority — set up in terms of the Twin Peaks model of financial regulation — are the necessary cost of a system of sound regulation which protects consumers...

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