On behalf of KPMG’s Africa Regulatory Centre of Excellence, I am delighted to share the sixth edition of our annual flagship publication– The Ten Key Regulatory Challenges of 2026.
The theme for this year’s edition is “The Long and Winding Road”. While not specifically referencing the hit song written by Paul McCartney for the Beatles in 1970, many of our readers will agree that it has indeed been a long and winding road for the financial services sector. National Treasury published the Red Book on South Africa’s financial services regulatory reform, titled A Safer Financial Sector to Serve South Africa Better, in 2011. Since then, we have witnessed significant transformation in how the sector is regulated; from the implementation of the Twin Peaks model of regulation in South Africa, to more recently, a number of countries on the continent successfully exiting the FATF grey list and the introduction of increased capital requirements for banks. Yet, when reflecting on our previous editions, many of the core themes remain consistent.
For the first time, this year’s edition provides a truly continental perspective on financial services regulation, incorporating insights with specialist views from across Africa, together with a dedicated article on the ZARONIA transition for our South African readers
