The independence and accountability of financial sector regulators under the South African Twin Peaks model

Abstract

The mini-thesis focuses on the independence and accountability of Financial Sector Regulators under the South African Twin Peaks Model. The mini-thesis investigates the history of financial regulation and why the current system is used. The focus is then placed on the current independence of the Prudential Authority and Financial Sector Conduct Authority looking at, amongst others, political and financial independence. The accountability of these regulators is also explored, as to whom they report to and how they are held accountable for actions taken. The Australian and United Kingdom models of financial regulation is also looked at to determine what lesson South Africa can adopt from those jurisdictions in respect of independence and accountability of Financial Sector Regulators.