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Member notice | Twin Peaks issue 4

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The FSCA has published another update on the phasing in of the Twin Peaks model.
 
In this fourth newsletter focusing on the phasing in of the Twin Peaks regulatory model, the Financial Sector Conduct Authority (FSCA) provides details of the implementation of the Financial Sector Regulation Act (FSRA). The newsletter will also explore the inner workings of the Ombudsman and the Financial Services Tribunal, both of which form part of the FSRA and are aimed at enhancing the complaints and dispute resolutions processes within the financial services sector. 

  • According to the FSCA, there will not be a “big bang” approach to the implementation of its mandate, but rather gradual changes over the course of the current year, as sections of the FSRA come into operation in a phased manner. “In the main, financial institutions can expect their interactions with us to be business as usual in the short term.”
  • The Financial Services Tribunal (Tribunal) has been established to reconsider decisions of, or omissions to take such decisions, by a financial sector regulator, authorised financial services provider, statutory ombud or market infrastructure as outlined in the FSRA.
  • The objective of the Ombud Council is to assist in ensuring that financial customers have access to, and are able to use, affordable, effective, independent and fair alternate dispute resolution processes for complaints about financial institutions in relation to financial products and services, and services provided by market infrastructures. 

To view the full publication please click here.