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Author
Nadolska Aleksandra (Uniwersytet Gdański)
Title
Czy Polska potrzebuje nadzoru finansowego typu Twin Peaks?
Does Poland Need Twin Peaks Financial Supervision?
Source
Bank i Kredyt, 2022, nr 2, s. 203-229, bibliogr. 27 poz.
Bank & Credit
Keyword
Usługi finansowe, Ochrona konsumenta, Nadzór nad rynkiem finansowym, Zaufanie, Stabilność finansowa
Financial services, Consumer protection, Financial market supervision, Trust, Financial sustainability
Note
JEL Classification: E58, E66, F30, G28, O16
streszcz., summ.
Abstract
W artykule opisano model nadzoru finansowego typu Twin Peaks, cechujący się wyodrębnieniem "dwóch wierzchołków" wymagających ochrony. Pierwszy z tych wierzchołków dotyczy stabilności finansowej, drugi zaś interesów uczestników rynku finansowego. (abstrakt oryginalny)

The Twin Peaks financial supervision model involves the creation of two separate institutions responsible for different aspects of financial supervision. One institution is responsible for the stability and prudential supervision of all financial institutions. Under this model, prudential supervision is usually located in the central bank. The second institution controls the legal aspects of financial operations, i.e. the proper provision of financial services, and is responsible for consumer protection. This solution is considered to be a standard. The author of the Twin Peaks supervision concept is Michael Taylor, who in a 1995 study entitled Twin Peaks: A Regulatory Structure of a New Century, presented its main assumptions. Taylor then accepted that the two primary objectives of supervision, namely, protecting the system from destabilization and protecting the consumer, are potentially in conflict. Therefore, Taylor made the essence of the Twin Peaks supervisory model to separate financial regulation into two broad functions: regulation of market behaviour, which includes consumer protection, and prudential regulation. Twin Peaks has been successfully operating in the United Kingdom since 2013. British financial supervision, based on regulation, is set as a model in the context of effective care for the enforcement of consumer interests. Previously, this type of supervision was established, inter alia, in Belgium and the Netherlands, as well as Australia and New Zealand. In 2017, doubts arose in the EU as to whether the sectoral financial supervision exercised by the three European Financial Supervisory Authorities (banking, insurance and capital) effectively fulfils its objectives, in particular with regard to the protection of financial services customers. It was then proposed to carry out a structural reform of supervision towards the Twin Peaks model. After analysing the results of public consultations, this idea was ultimately not implemented. On this occasion, however, there were criticisms of the European System of Financial Supervision, based on the mismatch between its structure and the characteristics of the single financial market and the institutions operating in it. Critical positions were set as an example by the Twin Peaks model. The study formulated a research hypothesis according to which, "Poland needs financial supervision (of the Twin Peaks type), which will guarantee comprehensive protection of the interests of financial market participants." To verify it, three research theses were formulated: (1) financial supervision should ensure market stability, the stability of financial institutions and protection for all market participants; (2) the simultaneous achievement of the stability targets and the protection target is potentially in conflict, especially during a crisis; (3) the achievement of the stability targets and the backstop should, in principle, take place in the framework of two equivalent and independent supervisory institutions. The need in this matter does not have to come down to a thorough institutional reform of the financial supervision system in the country. The examination of this issue was determined by the fact that for many years the national system of protection of non-professional market participants has been ineffective. This conclusion follows from the NIK reports published in 2014-2019. (original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
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Bibliography
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ISSN
0137-5520
Language
pol
URI / DOI
http://dx.doi.org/10.5604/01.3001.0054.5733
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