Treasury, October 2, 2015: By Joseph Kipkoech
Financial services and utility companies still holding onto unclaimed assets face penalties, the Unclaimed Financial Assets Authority (UFAA) has warned.
Bankers, insurers, brokerage firms, pension funds and utilities including mobile money service providers are under Unclaimed Financial Assets Act 2011 required to surrender such dormant assets by November every year.
The Chief Executive Officer Ms Kellen Kariuki spoke during the launch of a month-long public awareness campaign in partnership with Kenya Bankers Association.
The Central Bank of Kenya (CBK), will get more powers to deal with rogue financial institutions and enhance its supervisory role under new proposed legislation.
National Treasury Cabinet Secretary, Mr. Henry Rotich, said the proposed law approved by the Cabinet two weeks ago, will enable the regulator play a more proactive role.
Cabinet Secretaries and governors can now enjoy up to Kshs.40 million mortgage loans from a Kshs.1 billion revolving fund that will also serve top state officers.
Other senior state officers will be allowed to borrow between Kshs.25 million and Kshs.35 million depending on one’s rank.
National Treasury Cabinet Secretary Mr. Henry Rotich said the scheme became effective last month. The top officers allowed to borrow up to Kshs.40 million include governors, Cabinet Secretaries, the Chief of the Kenya Defence Forces and the Secretary to the Cabinet.