Prior to the greylisting of South Africa, most citizens were still living with a naive impression that all is well with our financial authorities. We saw an impressive (in appearance and size) South African Reserve Bank (SARB) building and Financial Sector Conduct Authority (FSCA) headquarters in Pretoria, and an ever-larger growing list of regulations was being churned out every year.
We had adopted the Twin Peaks regulation mode, which established a new Prudential Authority, housed within the SARB, tasked with overseeing the economic stability and soundness
