The High Court has ruled that banks and financial institutions cannot be subjected to disciplinary action by the Auctioneers Licensing Board for conducting auction-related activities without licences, dealing a blow to professional auctioneers fighting to monopolise asset recovery services.
In a ruling that limits the disciplinary powers of professional boards and protects the financial sector from dual regulation, the court emphasised that the board’s mandate only covers licensed auctioneers, not banks regulated by the Central Bank of Kenya (CBK).
