This issue of the newsletter focuses on the phasing in of the Twin Peaks regulation model, with the aim of highlighting some of the changes or amendments that the new regulatory system will introduce. It (the newsletter) provides clarity on the regulations of the banking sector under the new Financial Services Conduct Authority (FSCA) and explore issues that may arise as the new Financial Sector Regulation Act, which is seen as the foundation of the Twin Peaks model, is implemented. Moreover, FSCA’s plans to be more proactive in its regulation of the banking sector will further be analysed in this edition. The FSCA, which will replace the Financial Services Board, will address the relevant conduct risks and concerns in the sector.
FSCA aims to be more proactiveAs the FSCA gears up for the implementation of the Twin Peaks, its mandate has been expanded and it aims to be more proactive in regulating the banking sector. |
||
Fast paced development of FinTechOne of the new areas of focus for the FSCA is fintech, which has seen a rapid rise in recent years. The FSCA aims to conduct research that will guide its policy direction in this area. |
|
SkillsThe Twin Peak regulatory model has opened an
opportunity for the FSCA to acquire new skills
and also train its existing employees in new areas
especially conduct risk, which is a relatively new
area of focus for the regulator. |
Systemic RisksThe Twin Peak regulation is seen as one of the key steps taken by the government to put measures in place that will prevent and combat any possible banking crisis or any systemic risks and most importantly maintain financial stability. |
