The institutional arrangements for financial regulation and supervision in South Africa are relatively complex, involving multiple government agencies as well as several advisory and oversight committees and self-regulatory organisations. The main agencies are the Bank Supervision Department (BSD) of the South African Reserve Bank (SARB), which prudentially regulates and supervises banks; the Financial Services Board of South Africa (FSB-SA), which regulates and supervises most non-bank financial institutions as well as securities markets activities; and the National Credit Regulator (NCR) under the Department of Trade and Industry (DTI), which regulates the market conduct aspects of granting of consumer credit by all credit providers. Lead responsibility for setting financial regulatory policy lies with the National Treasury. In 2011, the South African Treasury issued a policy document for financial reform that includes changes in the institutional arrangements for financial regulation and supervision. These changes can be categorised under three headings: introduction of a Twin Peaks regulatory structure; strengthening financial stability oversight; and strengthening coordination and information exchange arrangements.