Treasury secretary Henry Rotich has proposed the setting up of a new super agency that will prevent banks from exploiting consumers through unscrupulous practices, including the loading of excessive interest and charges on loans.
Mr Rotich, in a Draft Financial Markets Conduct Bill 2018 published last week, wants a Financial Markets Conduct Authority (FMCA) set up to, among other things, set the maximum rate of interest a lender can charge. Members of the agency’s board will include the Treasury Cabinet Secretary and the governor of the Central Bank of Kenya.
