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BMA Welcomes Bermuda Banking Code

by Phillip Morton, Investors

05 November 2010

The Bermuda Monetary Authority on November 3 welcomed the launch of the Bermuda Banking Code of Conduct, which sets standards of good banking practice for Bermuda’s banks and deposit companies and contains a number of commitments local banks will seek to abide by in their treatment of retail customers.

Noting the publication of the Code, Jeremy Cox, CEO at the Authority said: “We are pleased to see the launch of the Banking Code of Conduct and we congratulate the banks for their work on this initiative. Although this is a voluntary Code, all banks have subscribed to it and, as the island’s financial regulator, the Authority will monitor the banks’ adherence to the standards set by the Code as part of our overall supervision of the sector.”

Graeme Dargie, Director of Banking, Trust and Investment at the Authority, added: “The Code sets out very clearly what customers should expect in their dealings with banking institutions and is designed to ensure that customers receive fair treatment, including the provision of clear information about the products and services the banks provide and prompt attention to complaints.”

Dargie continued: “Introduction of the Banking Code follows the launch of an enhanced Code of Conduct for Investment Providers earlier this year, both part of a continuing drive to secure enhanced protection for consumers of financial services in Bermuda.”

The Code establishes standards relating to:

  • Helping customers choose products and services;
  • Interest rates;
  • Charges;
  • Closing an account;
  • Operating account statements;
  • Credit/debit cards and PINs;
  • Handling customers’ personal information;
  • Protection of accounts;
  • Dealing with complaints; and,
  • Lending to customers.

TAGS: business | law | banking | financial services | international financial centres (IFC) | Bermuda | offshore | corporate governance | standards | regulation | services

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