Consumer protection diagnostic study - FSD Kenya

40 • CONSUMER PROTECTION DIAGNOSTIC STUDY: KENYA
Consumer protection
objective
Key
recommendations
Which providers
covered
Third party recourse. Regulators, Tribunals,
potentially industry
associations
(depending on
the sector and
its institutional
arrangements).
Regulators publish
information on
providers’ financial
and consumer
protection
performance against
set guidelines.
Regulated financial
service providers.
Consumer
awareness needs
Integrate information
about available
resource mechanisms
for the different
sectors into public
information
campaigns.
Consumers aware
on the existence of
this reports to enable
them select the
most preferred and
complying provider.
Consumer
education needs
Consumers are
educated on their
rights to receive
redress and
mechanisms by
reporting to regulators
through the provincial
administration where
their disputes have
not been settled
internally.
Consumer needs
to be educated on
their rights and
responsibilities of
providers.
Comments on
implementation
and roles
Each sector regulator
can provide
information to the
public about the
recourse options
within their sector.
The multi-regulator
Task Force can provide
coordination. Sector
regulators publish
dispute resolution
statistics (e.g.,
volume and nature of
complaints, outcomes
for consumers) for
the providers they
regulate, to build
confidence that the
system works. In
the longer-term,
set up third-party
recourse mechanisms
for sectors where
there are none or for
the entire market
(e.g., through a
new Financial
Ombudsman).
Media coverage
to raise consumer
awareness and
performance. Publish
as part of the usual
annual supervision
report.