by Dr. Andrew D. Schmulow

Paper presented at the ACCI 2017 Annual Conference, Consumer Interests Annual, edited by Sheri Lokken Worthy, published by American Council on Consumer Interests, 2017, pp 1-24.

This paper provides a statement and an analysis of South Africa’s statutory provisions aimed at curbing reckless lending, and preventing predatory lending, to financial consumers. The focus of the paper is on the statutory mechanisms for combatting reckless and predatory lending, including a critique of the success or otherwise of the implementation of the relevant legislation. The paper aims to provide a comparative analysis of what is, overall, an innovative and effective regime, the aim of which is to protect vulnerable financial consumers from reckless and predatory lending practices. As such, it is hoped, that the paper will provide useful techniques for the protection of borrowers in other common law jurisdictions, such as Canada and the United States, or indeed wherever vulnerable consumers of finance are liable to be exploited.

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by Dr. Andrew D. Schmulow

Paper presented at the Policy Seminar for the Korea Insurance Society: Market Economy and Advanced Insurance System, 2019, pp 51-68.

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by Dr. Andrew D. Schmulow

Research Working Paper Series. 2016, Centre for International Finance and Regulation (CIFR), p. 1-25.

This paper provides a statement and an analysis of South Africa’s statutory provisions aimed at curbing reckless lending, and preventing predatory lending, to consumers.

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by Dr. Andrew D. Schmulow

SSRN Electronic Journal, 2015.

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.

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Also published as a working paper in “Research Working Paper Series, Centre for International Finance and Regulation (CIFR) “.



by Dr. Andrew D. Schmulow and James O’Hara

SSRN Electronic Journal, 2018

Legal protection of consumers of financial products and services in Australia.

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by Dr. Andrew J. Godwin and Dr. Andrew D. Schmulow

SSRN Electronic Journal, 2015.

The proposed reforms to financial regulation in South Africa, as embodied in the Financial Sector Regulation Bill, (second draft, 10 December, 2014) (‘FSR Bill’), represent the most important reforms to South Africa’s financial regulatory architecture since the 1987 de Kock Commission. The degree to which these reforms succeed will determine the extent to which South Africa can maintain financial stability, and manage the effects of a future financial crisis.

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Also published as a working paper in “Research Working Paper Series, Centre for International Finance and Regulation (CIFR) “.



by Dr. Andrew D. Schmulow

SSRN Electronic Journal, 2015.

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.

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Also published as a working paper in “Research Working Paper Series, Centre for International Finance and Regulation (CIFR) “.



by Dr. Andrew D. Schmulow

Australian Journal of Corporate Law, Vol. 16, no. 1, 2003, pp: 38-49.

In the wake of the collapse of the insurer, HIH, this article proposes for discussion an alternative method of enforcing prudential regulations, especially in light of the admission by APRA before the HIH Royal Commission, and the commission’s own findings, which confirmed that APRA failed to adequately enforce existing prudential regulations — regulations which are designed to prevent fragility and ultimately collapses in the insurance and banking sectors. This article aims to investigate the feasibility of policy-only liability insurance for direct insurers as a market-based mechanism to replace prudential regulation in the wake of the failure of APRA to adequately regulate HIH. The hope of this writer is to encourage debate on alternative methods of prudential regulation and regulatory enforcement.

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by Dr. Andrew D. Schmulow

Waikato Law Review, Vol. 16, no. 1, 2008, pp: 252-263.

This paper will argue that even recent history is littered with examples of failures by the financial regulators to prevent bank and insurer failures in the UK, the US, Australia and elsewhere. This paper argues that regulators are inherently incapable of performing the task. The theoretical basis for which is investigated below. Evidence will be drawn from the collapse of HIH and the role of the Australian Prudential Regulator (APRA) in that collapse.

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by Dr. Andrew D. Schmulow and Dr. Andrew J. Godwin

South African Law Journal, Vol. 132, no. 4, 2015, pp: 756-768.

This article discusses the Financial Sector Regulation Bill in South Africa, and the manner in which it emulates the Australian Twin Peaks regulatory model. South Africa is the most recent country to adopt this model, and the article examines these reforms by analysing the implications of the jurisdictional location of the Prudential Regulator; how best to achieve effective co-ordination between the regulators; and what substantive powers and functions should be ceded to an interagency co-operative body.

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