Market News

Institute to publish names of accredited financial analysts


The Institute of Certified Investment and Financial Analysts will publish names of its accredited firms to weed out un-licensed firms.

The move is in line with the Investment and Financial Analysts Act of 2015 that compels the industry regulator to make public the names of firms it has registered to offer financial and investment advisory services.

According to the Act, a firm is declared compliant when at least one senior employee is a licensed member of ICIFA, an achievement tied to requirements like academic qualifications and violation of market practices.

“The gazette notice will inform the public of licensed investment and financial analysts. We are currently compiling the list,” ICIFA chair Job Kihumba said yesterday. Mr Kihumba added that ICIFA’s registration committee will extend period for firms that will not be in the list to comply their licences get revoked or they get suspended.

The industry regulator was formed in 2015 to rein in rogue advisers and dealers who threaten investor wealth through misleading advice.


It is also empowered to take disciplinary action against rogue financial analysts found in breach of fiduciary duty.

ICIFA had directed all employees of licensed investment and financial analysis firms to submit details to be duly registered by March this year.

The organisation gazetted names of its 531 members who included financial analysts, dealers, fund managers and owners of brokerage and advisory firms in September last year, marking its first step in enhancing industry professionalism.