SAIA notes in its August newsletter that the Treating Customers Fairly (TCF) Department will cease to exist. It will, in future, form part of the Market Conduct Strategy Unit.
This is in line with previous comments that TCF will not operate as a separate project, but be integrated in every aspect of the FSB’s new role as Market Conduct Authority.
The Market Conduct Strategy Unit will form part of the bigger Regulatory Strategy Committee within the FSB involved in transitioning the FSB into the Market Conduct Authority.
The article also provided an update on the status of the proposed Twin Peaks model of regulation. According to the National Treasury, the Minister of Finance will introduce the second draft of the Financial Sector Regulation Bill to Parliament sometime between 19 August and 19 September 2014.