Kenya: Rotich Beats Retreat in Bid to Launch New Banking Watchdog

The Treasury Tuesday stepped back from forming an independent authority to regulate the conduct of financial institutions after the Central Bank of Kenya (CBK) warned that the planned watchdog will weaken it.

Treasury secretary Henry Rotich said the mandate of the proposed Financial Markets Conduct Authority (FMCA) would be limited to consumer protection in areas not covered by existing regulators including the Central Bank.

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