Team to merge fi­nance reg­u­la­tors put in place

It will over­see the plan­ning for the es­tab­lish­ment of the Fi­nan­cial Ser­vices Au­thor­ity, a process which started three years ago

The Star (Kenya) - - News Business - CON­STANT MUNDA @munda­con­stant

The Na­tional Trea­sury Cabi­net Se­cre­tray Henry Rotich has named a 13-mem­ber steer­ing com­mit­tee to un­der­take prepara­tory work to merge four fi­nan­cial ser­vices reg­u­la­tors.

The es­tab­lish­ment of the Fi­nan­cial Ser­vices Au­thor­ity will see the op­er­a­tions of the Cap­i­tal Markets Au­thor­ity, In­sur­ance Reg­u­la­tory Au­thor­ity, Re­tire­ment Ben­e­fits Au­thor­ity and Sacco So­ci­eties Reg­u­la­tory Au­thor­ity merged.

Rotich said the team will en­sure ad- equate plan­ning for the es­tab­lish­ment of the pro­posed pow­er­ful reg­u­la­tor, a process which started three years ago.

“They will also be re­quired to en­sure that all re­quired le­gal, pol­icy, or­gan­i­sa­tional in­te­gra­tion (and) change man­age­ment work is planned, re­sourced and com­pleted in a timely man­ner,” Rotich said in the Kenya Gazette no­tice on Fri­day.

The team, whose ap­point­ment was ef­fec­tive Novem­ber 14, is headed by Trea­sury PS Ka­mau Thugge.

Mem­bers are PS for co-op­er­a­tives Ali Is­mael Noor, Cen­tral Bank gov­er­nor Pa­trick Njoroge, di­rec­tor gen­eral for bud­get, fis­cal and eco­nomic af­fairs at Trea­sury Ge­of­frey Mwah, rep­re­sen- tative of the chief of staff at State House Joseph Kinyua and so­lic­i­tor gen­eral Njee Mu­turi.

Oth­ers are chief ex­ec­u­tives of the CMA (Paul Muthaura), RBA (Edward Odundo), IRA (God­frey Kip­tum in act­ing ca­pac­ity), Sasra (John Mwaka in act­ing ca­pac­ity) and State Cor­po­ra­tions Ad­vi­sory Com­mit­tee (Jane Mugambi). The di­rec­tor for im­ple­men­ta­tion of Fi­nan­cial Ser­vices Au­thor­ity at the Trea­sury and his coun­ter­part for fi­nan­cial and sec­toral af­fairs will also sit on the com­mit­tee.

Its sec­re­tar­iat, based at the Trea­sury Build­ing, is headed by di­rec­tor for im­ple­men­ta­tion of FSA, Rotich said.

The sec­re­tar­iat is com­prised of

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