Banker S.A. January 2014 | 页面 26

EXPERT OPINION The road to Twin Peaks Ombudsman of Banking Services, Advocate Clive Pillay, shares his thoughts on the topic with regards to the voluntary Ombud schemes. Advocate Clive Pillay: “The independence of the Ombud schemes is not up for debate.” T he South African financial regulatory and supervisory system has historically evolved through almost all the stages of the existing regulatory structures. Having started as an institutional approach, it transformed into a functional approach in the late 1980s. 24 BANKER SA Expert Opinion.indd 24 In the 1990s, the regulatory structure transformed itself into a partially integrated system whose main principle entailed the central bank regulating the banking sector, and a multi-sector regulatory approach for other non-banking financial services. The evolution of the South African regulatory structure has been largely driven by international trends and market imperatives. Edition 8 2013/12/19 4:17 PM