The DA and EFF opposed the passage of the Financial Sector Regulation Bill in the National Assembly on Tuesday because it fails to include the National Credit Regulator (NCR) within its ambit, among other things. The bill will overhaul the system of regulation of banks, insurance companies, retirement providers and other sectors of the industry. It was adopted by the National Assembly on Tuesday after years of preparation by the Treasury and careful deliberation by Parliament’s standing committee of finance. The bill provides for a "twin peaks" model of financial regulation with the one pillar being that of financial conduct managed by one authority, which will replace the Financial Services Board, and prudential authority located in the Reserve Bank. This replaces the existing system that divides regulation between the type of institution supervised rather than the nature of the supervision itself. This system was considered deficient as it did not effectively deal with financial s...
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