The Institute of Certified Investment and Finance Analysts (ICIFA) has promised to
publish the list of firms allowed under the IFA Act, 2015 to instill professionalism among
The gazette notice will inform the public of licensed investment and financial analysts
registered to operate in the country.
Job Kihumba, ICIFA chairman, said they are currently compiling the list in fulfillment of
its mandate. He said the registration is aimed at ensuring that financial and investment
analysts uphold ethical and professionalism while serving the public.
“We also have a disciplinary committee whose responsibility will be to deal with any
cases of misconduct and non-compliance with the law and best practice as defined in
the code of conduct and ethics,” he said.
Kihumba said they had noted a number of cases of non-compliance among some
practitioners and investigations had commenced to uncover the truth.
According to the institute’s guidelines, a firm is compliant when at least one of its senior
employees is a licensed member of ICIFA after meeting some minimum requirements
including academic qualifications, work experience and work-related history.
Penalties for non-compliance may include suspension, expulsion, fines and surcharges
and once a member is expelled, she or he cannot transact any business on behalf of
clients as financial and investment analysts.
The revelation was made during the unveiling of the new ICIFA Chief Executive Officer,
Diana Muriuki to ICIFA workers.
Muriuki has worked at the Actuarial Services EA Ltd, where she was senior manager in
charge of investments. She has over 10 years experience in the financial services
industry, a member of ICIFA and holds a Master of Arts degree in finance.
“My entry here marks a new chapter for ICIFA – one where we work with our members to
uphold to the highest levels of professionalism, discipline and ethics whether in private or
in public practice,” she said.
“We will also ensure the Institute becomes a major contributor to pool of skills and
knowledge on matters related to economic development by promoting prudent
investments and savings in all sectors of the economy,” Muriuki added.
ICIFA was created by an Act of Parliament in 2015 and is mandated to register and
supervise its members as qualified and licensed to practice as investment and financial
analysis and related services.