Initially proposed a little over twenty years ago, the history and practice of the Twin Peaks model falls into three discrete periods or episodes. This chapter explores each of these episodes, tracing the evolution of the model from an academic concept, which was criticised by many regulators and market practitioners for its impracticality, to its post-Global Financial Crisis rehabilitation as an institutional arrangement that is capable of addressing some of the most obvious shortcomings in regulatory structures revealed by the crisis. This chapter provides a brief overview of each of these episodes, with the focus on the first of them (that is, the rationale and background to the Twin Peaks concept and its consideration in the United Kingdom during the mid-1990s). The rationale and background to the Twin Peaks concept is explained, along with the factors that contributed to the debate on regulatory structure in the United Kingdom in the mid-1990s. The subsequent episodes are more extensively covered in other contributions to this volume and therefore their coverage in this chapter is correspondingly schematic.