The FSB’s third issue of its Twin Peaks Newsletter provides more information on the phasing in of the Twin Peaks regulation model.
The newsletter highlights the new Financial Services Conduct Authority’s (FSCA) powers to enforce appropriate regulation.
- intends to be more proactive in executing its mandate as well as being more intrusive in its supervisory activities.
- has a wider mandate than that of the FSB and will focus on the market conduct of all financial institutions, including banks.
- will monitor the efficiency and integrity of financial markets, ensuring the fair treatment of financial customers and providing customers with financial education programs.
- will enhance the skills of its employees to deepen its understanding of those risks that may threaten the fairness and integrity of the country’s financial system.
The newsletter further highlights the development of financial technology or fintech in the industry, and how these innovations impact and broaden the role of the FCSA.
To download the full newsletter, click here.