Sasra relocates to UAP Tower even as agency merger looms

What you need to know:

Sacco Societies Regulatory Authority will take up 23,463.54 square feet on the 18th and 19th floors of Old Mutual UAP Tower.
The change of address comes ahead of a looming merger of all non-banking sector regulators and Sasra chief executive John Mwaka hinted Tuesday it was likely the three agencies could be housed under the same roof.

Sacco Societies Regulatory Authority has unveiled a two-floor office at the Old Mutual UAP Tower days after capital markets regulator shelved plans for new headquarters awaiting a merger of watchdogs.

With the shift from Britam Centre on Mara Road to Kenya’s highest building at Upper Hill, Nairobi, Sasra will take up 23,463.54 square feet on the 18th and 19th floors.

The change of address comes ahead of a looming merger of all non-banking sector regulators and Sasra chief executive John Mwaka hinted Tuesday it was likely the three agencies could be housed under the same roof.

The Cabinet approved the Financial Services Authority Bill 2016 early this month.

The Bill creates one financial watchdog by merging the Insurance Regulatory Authority (IRA), Capital Markets Authority (CMA), Retirement Benefits Authority and Sasra.

“The process of merger is ongoing. There is a steering committee that is working committee and they should be able to give us direction on how we proceed.

“We hope the other financial regulators will join us around here,” said Sasra acting CEO John Mwaka when UAP-Old Mutual Group chief executive Peter Mwangi announced Sasra as the tower’s latest customer.

The CMA shelved plans to buy a new office block mid-April due to expected merging of sector regulators.

The money markets regulator is still housed at Embankment Plaza, in Upper Hill. The IRA is located at Zep Re Place, the RBA at Rahimtulla Tower.