South African 'super regulator' idea rejected

A proposal from South Africa's finance minister to establish a 'super regulator' that would take away responsibility for banking supervision from the central bank has been rejected by bank CEOs in a recent survey.

Source: Business Day

Banking heavyweights have given the thumbs down to Finance Minister Trevor Manuel's proposal for a "super regulator" for the entire financial services sector, which would replace the Reserve Bank as the banking regulator.

Manuel first mooted the idea in Parliament

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