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The Cambridge Handbook of Twin Peaks Financial Regulation
First proposed in 1994, the Twin Peaks model of financial system regulation employs two specialist peak regulators: one charged with the maintenance of financial system stability, and the other with market conduct and consumer protection. This volume, with contributions from over thirty scholars and senior regulators, provides an in-depth analysis of the similarities and differences in the Twin Peaks regimes that have been adopted around the world. Chapters examine the strengths and weaknesses of the model, provide lessons from Australia (the first to adopt the model), and offer a comparative look at the potential suitability of the model in leading non-Twin Peaks jurisdictions. A key resource for central bankers, public policy analysts, lawyers, economists, politicians, academics and students, this work provides readers with a comprehensive understanding of the Twin Peaks model, and a roadmap for countries considering its adoption.
Regulating the Regulator
This article analyses a proposed framework, the goal of which is to improve protection of consumers of financial products and services, within the Australian Twin Peaks regulatory model.
Financial Regulatory Governance in South Africa
An examination of Twin Peaks financial system regulatory reforms in South Africa.
An International Comparison of Financial Consumer Protection
This book explores consumer protection in the major financial markets in the world and provides an international comparison among the countries of different cultural background and economic development. Each chapter describes the major issues of financial consumption in the selected country and the efforts to counter the problems of financial consumption. The innovation and renovation in the financial institutions and the public policies for consumer protection are also analyzed for their potential impacts on the future development of financial markets.
Twin Peaks 2.0
In November 2017 the Federal government established a Royal Commission in Australia's financial services industry that has become widely known as the Banking Royal Commission. The Commission has, during its hearings and in its recent Interim Report, exposed serious misconduct and poor regulation in Australia's financial services industry. The authors argue that the recommendation of the 2014 Financial System Inquiry that there be an Assessment Board to provide continuous oversight of the financial regulators, APRA and ASIC, is an effective solution to the regulatory failures exposed by the Banking Royal Commission. The benefits to Australia of the establishment of an Assessment Board are clear, and include enhanced accountability, improvements in the regulator's culture, prevention of regulatory capture, and enhanced capacity to prevent financial crises. The introduction of an Assessment Board in Australia would serve as a timely and highly effective adjunct to the current Australian Twin Peaks financial regulatory architecture comprising APRA and ASIC.
Governance and Regulation of Charities
Adopting a critical multijurisdictional approach to charity law, this thought-provoking book provides a comprehensive analysis of the challenges facing charitable organisations. Exploring the contrasting approaches to charity governance and regulation in both common law and civil law jurisdictions, the book imparts practical guidance for a vast array of stakeholders in the charity law field.
Twin Peaks
This paper provides a theoretical analysis of the twin peaks method of financial system regulation, with particular reference to the Australian iteration of the model. This includes a description of how twin peaks functions, its historical development, and its strengths and weaknesses. An analysis is also provided of an important bifurcation in the Australian model, as it as has been emulated elsewhere in the world, namely the jurisdictional location of the bank regulator.
Approaches to Financial System Regulation
This article provides an analysis of the four systems of financial system regulation currently in use internationally, with case studies illustrating each system. Analysis is provided of the strengths and weaknesses of each. Research indicates that the 'Twin Peaks' system is the superior method of financial system regulation. However, this paper also concludes, by reference to failings observed in 'Twin Peaks' arrangements to date, that 'Twin Peaks' alone is no panacea against financial crises, or market and consumer abuse. It is merely the best form of regulatory architecture. Other factors, such as the capacity and willingness of the regulators to discharge their mandate, even within a sound regulatory architecture, are as important to the success of financial system regulation, as evidenced by the failures of the UK financial regulatory system, around the time of the Global Financial Crisis, and as evidenced by the success of the Monetary Authority of Singapore, despite Singapore's sub-optimal regulatory structure.
The Four Methods of Financial System Regulation
This article provides a description of the four methods of financial system regulation currently in use internationally, with case studies illustrating each system. Analysis is provided of the strengths and weaknesses of each. Research indicates that the “Twin Peaks” system is superior to its peers.However, this article also concludes, by reference to failings observed in “Twin Peaks” arrangements to date, that “Twin Peaks” alone is no panacea against financial crises, or market and consumer abuse. It is merely the best form of regulatory architecture. Other factors, such as the capacity and willingness of the regulators to discharge their mandate, even within a sound regulatory architecture, are as important to the success of financial system regulation, as evidenced by the failures in the United Kingdom around the time of the global financial crisis, and as evidenced by the success of the Monetary Authority of Singapore, despite Singapore's sub-optimal regulatory structure.
