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South Africa Plans New Bank Regulations, Finance Minister Says

The South African government plans new measures to regulate banks and financial services in order to avoid risky behavior while expanding services, according to Finance Minister Pravin Gordhan.

“These changes include a shift to a twin-peaks model for financial regulation, as well as the split of the regulatory functions for prudential and market conduct,” Gordhan wrote in an opinion piece published today in the Johannesburg-based Sunday Times newspaper.

The regulatory changes, which will be implemented in two to three years, are necessary to protect South Africa’s banks from pursuing risky short-term behavior, Gordhan said.

A twin-peaks system refers to splitting rule-making and enforcement duties into separate regulatory divisions.

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