Joining me for today's conversation is the Commissioner of the Financial Sector Conduct Authority (FSCA), Unathi Kamlana.

We talk about the twin peaks regulatory model, what gave rise to it, as well as the purpose that it serves. We first zoom in on the Prudential Authority - in which Unathi did some time - and then later, the FSCA. Unathi explains the necessity of banking requirements - which are both qualitative and quantitative in nature - and why they are necessary "barriers to entry".  "Banks are systemically important", he argues. Barriers to entry in a sector as fragile as banking is necessary.

Unathi further expands on the FSCA's mandate that is centred around the protection of consumers. He explains the FSCA's decision to fine Viceroy, citing market integrity as one of the main reasons. Moreover, he talks about the funding model of the FSCA.

Furthermore, we talk about the FSCA's drive for financial education. South Africans generally have a bad relationship with money. This, in part, can be laid at the lack of education on the subject matter. Unathi argues that this leaves people susceptible to scams. It was at this point that the subject of Bitcoin came up.