The Institute of Certified Public Accountants of Kenya (ICPAK) has urged the government to enact the financial services authority bill 2016 which aims to develop an efficient and globally competitive financial services sector in Kenya as well as strengthen the regulatory environment.
While the draft bill was released last year by the National Treasury, the Kenyan government approved the it in April of this year. The bill provides for the Financial Services Authority to merge and take over the functions of the Capital Markets Authority, the Insurance Regulatory Authority, the Retirement Benefits Authority and the SACCOS Societies Regulatory Authority.
“The purpose of the reform of the financial sector is to provide a consolidated supervision for financial services to eliminate regulatory gaps, and to increase protection of consumers of financial services,” a statement from Kenya’s presidency read. “The initiative to reduce the number of regulatory bodies all working in the same field is part of President Kenyatta’s policy to make doing business in Kenya easier than it has ever been.”
In a video released on ICPAK’s website, ICPAK vice-chair Julius Mwatu said the consolidation of the regulation roles will provide better protection and provision of better services.
ICPAK called on the government to enact the bill. The video is available here.