Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 293673,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/293673/?format=api",
    "text_counter": 156,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "undertake a holistic review of the administrative structure of the KRA to give effect to the objective of these reforms. Our country sits on a large reservoir of mineral resources. To avoid crisis often associated with the exploitation of such resources, it is imperative that we swiftly institutionalize a comprehensive policy and legislative framework covering licensing, revenue sharing, taxation and sustainable use of revenues generated from such resources. To this end, my Ministry, working with relevant line Ministries will shortly organize a workshop to deliberate and draw up a conceptual framework on how to move this process forward in an inclusive manner. Mr. Speaker, Sir, Individual Retirement Benefits Schemes are important vehicles through which increased coverage of savings for retirement can be achieved. To strengthen governance and encourage their growth, I propose to amend the law to bar Individual Retirement Benefits Schemes from appointing corporate trustees related with their sponsors. This will go a long way to remove conflict of interest in the administration of these important schemes and safeguard the interest of Kenyans who save through these schemes. Our commercial banks have continued to extend their presence in the region. However, the activities of their subsidiaries have a direct impact on the safety and stability of our banks. There is need, therefore, to focus more on the transactions of their related parties. To this end, I propose to amend the Banking Act to provide for a robust, effective and comprehensive consolidated supervision framework to enable the Central Bank of Kenya (CBK) to adequately supervise banks and their subsidiaries. Mr. Speaker, Sir, the trend globally is towards convergence of the financial services where banking, insurance and stock brokerage are being offered under one roof. In order to facilitate a “one stop shop” financial services solution, I propose to amend the Banking Act to expand the scope of banking business to include incidental financial services that can be offered by banks, subject to review and approval by the CBK to ensure adequate risk mitigation. Mr. Speaker, Sir, in the recent past, we amended the law for banks to subcontract agents to provide basic banking services on their behalf. However, we did not require the banks to be liable for the acts and omissions of their agents, hence exposing their customers who use these services. In order to correct this anomaly, I propose to amend the Banking Act to expressly make banks liable for the acts and omissions of their agents in relation to banking business."
}