FOOTNOTES
HILARY JOFFE: Regulator endeavours to keep banking sector safe, sound and running well
SA’s banking regulator is trying to keep the sector safe and sound, while at the same time introducing some competition and diversity. It’s a difficult balance to strike, but if there was a theme to Tuesday’s report-back from the Reserve Bank’s bank supervision department, this was it. This was the last annual report from the department, which has been absorbed into the new Prudential Authority (PA), which was finally launched on April 1 after years of preparation. In terms of SA’s new twin peaks legislation, the PA will regulate the safety and soundness not only of banks but also of insurers and of financial market infrastructure. How these entities treat their customers will be regulated by the new Market Conduct Regulator (which has absorbed the old Financial Services Board).Launching the PA was "a big deal for us", PA CEO and deputy Reserve Bank governor Kuben Naidoo said on Tuesday. The annual report steers clear of mentioning any of the political dramas that buffeted SA’s bank...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.