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Consumer financial well-being in South Africa’s Twin Peaks regulatory regime: from measurement to confidence in outcomes Cover

Consumer financial well-being in South Africa’s Twin Peaks regulatory regime: from measurement to confidence in outcomes

By: Andrew Schmulow  
Open Access
|Oct 2020

Abstract

This paper examines aspects of consumer protection in the financial services industry in South Africa. First, the paper briefly outlines the reforms to the financial regulatory architecture in South Africa: the adoption of Twin Peaks. Next, the paper provides an account of the Treating Customers Fairly (TCF) regime, and the manner in which that has served as the groundwork for the Twin Peaks reforms. In the third part a description and analysis is provided of the sources of data available to the consumer protection regulator in South Africa. In the final part a description and explanation is provided of a comprehensive indicator framework being developed in South Africa to measure customer outcomes. This will be the first such framework of its kind in the world. The writer provided the thought-leadership for the development of this framework, in conjunction with a joint South African-Australian management consultancy (DBA), and in partnership with the Consultative Group to Assist the Poor (CGAP), a division of the World Bank.

DOI: https://doi.org/10.36544/irfc.2020.5-2.2 | Journal eISSN: 2508-464X | Journal ISSN: 2508-3155
Language: English
Page range: 11 - 18
Submitted on: Sep 9, 2020
Accepted on: Oct 2, 2020
Published on: Oct 30, 2020
Published by: International Academy of Financial Consumers
In partnership with: Paradigm Publishing Services

© 2020 Andrew Schmulow, published by International Academy of Financial Consumers
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.