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The Financial Sector Regulation Act (FSRA) not only reforms the architecture for supervising the financial services sector but also shifts the approach and mandate of the Financial Sector Conduct Authority (FSCA). This paradigm shift enables the FSCA to focus on the market conduct of all financial institutions, including banks as well as the efficiency and integrity of financial markets, ensuring the fair treatment of financial customers and providing existing and potential financial customers with financial education programmes. The Twin Peaks Newsletters outlines and unpacks key concepts related to the implementation of the FSRA to bring all stakeholders involved abreast with the developments.

Two thousand and eighteen (2018) saw the implementation of the Twin Peaks model with the transformation of the Financial Services Board (FSB) to the Financial Services Conduct Authority (FSCA), a dedicated market conduct regulator. This was a significant milestone for the financial services sector in ensuring that South Africans have increased access to information, education, services and the architecture and implementation of the Twin Peaks model of regulation is a significant milestone for the South African financial services sector, representing a paradigm shift that seeks to enhance the efficiency and integrity of financial markets, promote the fair treatment of customers by financial institutions, provide financial education and promote financial literacy, and assist in maintaining financial stability.

The 1st of April 2018 saw a new dawn for the FSCA. The rebranding of the organisation was not an isolated event, but a pivotal part of a seven-year journey that has brought the FSCA to this point of new beginnings. How we plan to chart the way forward is contained in the regulatory strategy (https://www.fsca.co.za/Documents/FSCA_Strategy_2018.pdf), a watershed document for our industry that aims to put into perspective our vision and mission for our regulatory journey over the next three years.