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Institute to gazette Kenya’s licensed financial analysts and investment firms

by Editor
June 12, 2020
in News, Headlines, Highlights
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Institute to gazette Kenya’s licensed financial analysts and investment firms

Newly appointed ICIFA CEO Diana Muriuki

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By M&M Reporter

The umbrella body for finance and investment professionals will publish the list of firms in public practice in terms of the IFA Act, 2015 as the body moves to instill professionalism in the sector.

The gazette notice will inform the public of licensed investment and financial analysts.

“We are currently in the process of compiling the list. This will be in fulfillment of our mandate in ensuring that financial and investment analysts uphold ethical and professional practice in their service to the public,” said Job Kihumba, the Chairman of Institute of Certified Investment and Finance Analysts (ICIFA).

He added that institute has also put in place a disciplinary committee in terms of the law whose responsibility is to deal with any cases of misconduct and non-compliance with the law and best practice as defined in our code of conduct and ethics.

Kihumba said that they had noted a number of cases of non-compliance and investigations had commenced.

According to the guidelines, a firm is compliant when at lease one of their senior employees is a licensed member of ICIFA after meeting certain basic minimum requirements including academic qualifications, work experience and a clean work-related history.

Measures for non-compliance may include suspension, expulsion, fines and surcharges and once a member is expelled they cannot transact any business on behalf of clients as financial and investment analysts.

Kihumba was speaking during the unveiling of the new ICIFA Chief Executive Officer. Diana Muriuki joined the firm from Actuarial Services E.A. Limited where she was senior manager in charge of investments.

She has over ten years experience in the financial services industry, is a member of ICIFA and holds a master’s degrees in finance.

Muriuki said her appointment marks a new chapter for ICIFA, one where the institute willwork with members to uphold to the highest levels of professionalism, discipline and ethics whether in private or in public practice.

“We will also ensure that the Institute becomes a major contributor to pool of skills and knowledge on matters central to economic development by promoting prudent investments and savings in all sectors of the economy,” said Muriuki.

Created by an Act of Parliament in 2015, ICIFA is mandated to register and supervise its members as qualified and licensed to practice as investment and financial analysis and related services including investment transactions and investment advisory services, verification or certification of investments, services involving investment records and decisions.

Editor

Editor

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