By PSCU
The Council of the Institute of Credit Management (Kenya) through CCP. Mokaya Magembe Bernard has petitioned the Senate concerning the enactment of legislation to regulate the credit profession.
The petitioners argue that the enactment of the legislation regulating the credit profession will establish a recognized legislated position of credit professionals in matters credit and debt management, provide a qualified and well regulated credit profession as well as provide accountable, reliable and certified credit professionals among other benefits.
“Credit professionals do not have a guiding statute that regulates the credit profession to ensure high professional standards among practitioners in the credit sector exposing consumers to a number of risks including breach of transparency, unconscionable conduct and loss of assets which can be mitigated by having certified credit professionals,” they submitted.
The petitioners reveal that despite making efforts to have the matter addressed by the relevant authorities, no satisfactory response has been provided.
Their prayers is to have the Senate enact a legislation to regulate the credit profession and specifically provide for among other relevant provisions, establishment and membership of the Institute of Certified Credit Professionals, functions and management of the institute, registration of credit professionals and issuance of annual practising certificates, disciplinary provisions that include establishment of a disciplinary committee, inquiry and appeal mechanisms.
The petition was committed to the Senate Standing Committee on Finance and Budget which is required as per the Standing Order 238(2) to respond to the petitioners by way of a report addressed to the Petitioner and laid on the Table of the Senate in not more than 60 calendar days.