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1 results

  • 18 - Twin Peaks and Boiling Frogs

  • from Part IV - Seismic Activity and Fault Lines
  • Edited by Andrew Godwin, Andrew Schmulow
  • Book:
    The Cambridge Handbook of Twin Peaks Financial Regulation
    Published online:
    24 June 2021
    Print publication:
    15 July 2021, pp 305-323

  • Summary

    Financial consumer protection requires both Twin Peaks regulators as it requires a safe and stable financial system and fair conduct towards consumers. Consumer protection contributes to the objectives of both regulators. This chapter argues that while the mandates of the prudential and conduct regulator are distinct, and each has different regulatory approaches, there is a growing convergence between the two in areas such as the conversation on culture, and complementary approaches in matters of concern such as home lending. Cooperation between each regulator is essential to protect financial citizens. Although significant steps have been taken to protect consumers, there is still consumer detriment. The extent of this will not be fully known until the next crisis.