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Consumer Protection in the Banking Industry in the age of twin peaks
Mini Dissertation (LLM)--University of Pretoria, 2017.
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| Other Authors: | |
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| Format: | Thesis |
| Language: | English |
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University of Pretoria
2018
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| _version_ | 1867613638635814912 |
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| access_status_str | Open Access |
| author2 | Van Heerden, C.M. (Corlia) |
| author_browse | Van Heerden, C.M. (Corlia) |
| author_facet | Van Heerden, C.M. (Corlia) |
| collection | Thesis |
| dc_rights_str_mv | © 2018 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. |
| description | Mini Dissertation (LLM)--University of Pretoria, 2017. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/65668 |
| institution | University of Pretoria (South Africa) |
| language | English |
| last_indexed | 2026-06-10T12:39:19.648Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UPSpace — University of Pretoria Institutional Repository |
| publishDate | 2018 |
| publishDateRange | 2018 |
| publishDateSort | 2018 |
| publisher | University of Pretoria |
| publisherStr | University of Pretoria |
| record_format | dspace |
| source_str | UPSpace — University of Pretoria Institutional Repository |
| spelling | oai:repository.up.ac.za:2263/65668 Consumer Protection in the Banking Industry in the age of twin peaks Van Heerden, C.M. (Corlia) nalukui777@yahoo.com Kongwa, Nalukui Caroline UCTD Mini Dissertation (LLM)--University of Pretoria, 2017. The 2008 Global Financial Crisis was caused not so much by a failure in prudential regulation but rather by a failure in market conduct regulation. The light touch supervision of financial institutions allowed bad business conduct and greed to continue unabated until it resulted in spectacular financial collapse. The GFC thus highlighted to need for more intrusive, swift regulation of the role players in the financial system. It also highlighted the need for market conduct supervision to support prudential regulation and as such emphasized the role of financial consumer protection resulting in the international policy document G20 High Level Principles of Financial Consumer Protection being issued by the OECD in 2011. Notably banks in South Africa have been prudentially regulated over the years but have never been subjected to dedicated market conduct regulation. Some measure of consumer protection was however afforded to consumers through the voluntary Code of Banking Practice and the Office of the Ombud for Banking Services. Now in the Twin Peaks system of financial regulation introduced by the Financial Sector Regulation Act 9 of 2017 there will be a significant increase in the focus on financial consumer protection as one of the peaks of this model comprise of the Financial Sector Conduct Authority (FSCA) established as market conduct regulator. The FSCA has a clear mandate and an extended regulatory toolkit to enforce this mandate. Banks will now for the first time be subject to a dedicated market conduct regulator and this dissertation aims to provide an overview of how financial consumer protection in the banking industry will be increased due to the role that the FSCA will fulfil in the Twin Peaks model and the principles of “Treating Customers Fairly” that will be a key component in the FSCA’s mandate. Mercantile Law LLM Unrestricted 2018-07-16T07:56:06Z 2018-07-16T07:56:06Z 2018/04/17 2017 Mini Dissertation Kongwa, NC 2017, Consumer Protection in the Banking Industry in the age of twin peaks, LLM Mini Dissertation, University of Pretoria, Pretoria, viewed yymmdd <http://hdl.handle.net/2263/65668> A2018 http://hdl.handle.net/2263/65668 en © 2018 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. application/pdf University of Pretoria |
| spellingShingle | UCTD Consumer Protection in the Banking Industry in the age of twin peaks |
| title | Consumer Protection in the Banking Industry in the age of twin peaks |
| title_full | Consumer Protection in the Banking Industry in the age of twin peaks |
| title_fullStr | Consumer Protection in the Banking Industry in the age of twin peaks |
| title_full_unstemmed | Consumer Protection in the Banking Industry in the age of twin peaks |
| title_short | Consumer Protection in the Banking Industry in the age of twin peaks |
| title_sort | consumer protection in the banking industry in the age of twin peaks |
| topic | UCTD |
| url | http://hdl.handle.net/2263/65668 |