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General Queries

Who determines whether one is Financially Qualified?

The body regulating the qualification determine who has the requisite qualification. In this case the Institute of Certified Public Accountants Kenya (ICPAK) will determine those who are financially qualified.

Does the trust secretary have to be a lawyer?

No. It is only preferable for one to be a Lawyer. A trust secretary can also be one who possesses a law qualification, a certified public secretary or has prior experience as a trust secretary.

In the first year of implementation, what areas of the Guidelines should be given priority and which areas should they start with?

The Authority has conducted a survey to determine the areas where schemes have been able to implement and the challenges they have experienced while setting up governance structures. The survey will guide the Authority to identify priority areas that schemes should address. Schemes will be required to submit quarterly reports that will be used by …

In the first year of implementation, what areas of the Guidelines should be given priority and which areas should they start with? Read More »

Is it necessary to change service providers every 3 years?

It is not necessary to change service providers every three (3) years. However, it is good practice to review the performance of service providers frequently based on the service level agreement and where necessary change the service providers.

How does one ensure compliance to the guidelines?

The cost is varied dependent on the scheme although the Authority has ensured it is manageable as schemes have been provided with templates to ease implementation and a flexible approach to comply with the Guidelines

What is the cost of implementing the guideline?

The cost is varied dependent on the scheme although the Authority has ensured it is manageable as schemes have been provided with templates to ease implementation and a flexible approach to comply with the Guidelines.