Treasury Cabinet Secretary Henry Rotich has dismissed the Central Bank’s claims that the Financial Markets Conduct Bill 2018 is a threat to the regulator.
“We don’t attack institutions, these are government agencies. I didn’t hear RBA is under attack. I don’t know if they have really read the bill and the current trend on how to handle market conduct so there is nothing unusual here, we are just bringing better standards into our system but you also know interests are also there,” said Mr Rotich adding that the proposed authority will act as a pro-consumer agency without affecting the Central Bank of Kenya’s role in the banking sector.
The Treasury is responding to CBK’s claim for the second time. Earlier, Director General for Economic Affairs Geoffrey Mwau said the Bill was not final and that the Ministry was ready to receive feedback. Therefore, the Treasury is now welcoming the central bank’s feedback on the Bill.
Mr Rotich also said the Bill, once signed into law, will not affect the current regulatory role of agencies reporting to him.
CBK is Not Under Attack
Mr Rotich has strongly denied that the Treasury wants to take away some of the central bank’s role emphasising that other stakeholders in the banking sector do not agree with the regulator.
“The bill emasculates the Central Bank and stripping down powers and indeed other things as well,” said CBK governor Dr Njoroge.
