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.
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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