Kenya to create unique financial services regulator
The Treasury has set up committee to guide this process.The Kenyan Treasury has created a steering committee to guide the process of creating a single regulatory agency for the Kenyan financial services sector, Treasury secretary Henry Rotich has announced in a gazette notice seen by Business Daily.
The committee is expected to undertake all preparatory work required for the establishment of the converged regulator, which will be known as the Financial Services Authority.
“It will have overall responsibility for transition of the Capital Markets Authority, the Insurance Regulatory Authority, the Retirement Benefit Authority and the Sacco Societies Regulatory Authority to the Financial Services Authority, including the development of the legal, regulatory and institutional framework,” said Mr Rotich.
The committee, which will include officials from the Treasury, the Presidency and the Attorney General’s office, will also undertake a full assessment of the costs, risks and potential disruption related to this transition.
According to the Treasury, this unique regulator will be capable of understanding and monitoring risks across the sub-sectors as well as developing policies to address them.