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 adequate 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, representative 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 “such staff as the Steering Committee shall appoint” from the CMA, RBA, IRA and Sasra. The secretariat may also have “any other person whom the Steering Committee considers necessary, to carry out technical work, day to day operational and administrative duties,” he said.
The steering committee is required to engage the stakeholders likely to be affected by the changes.