Notice - Banks and Deposit Companies Code of Conduct (2022-08-11)

Summary

This is a notice from the Bermuda Monetary Authority announcing the finalisation and publication of a new Code of Conduct under the Banks and Deposit Companies Act 1999. The Code was developed following public consultation to strengthen customer protection and promote best practices among deposit-taking institutions.

• Background: The BMA had proposed a new Code of Conduct for public consultation as part of its broader conduct of business framework for regulated financial services businesses.
• Outcome: After reviewing consultation feedback, the Code has been finalised and published on the BMA website (policy and guidance market conduct page).
• Compliance window: Licensed institutions have six months from the publication date to become compliant with the Code.
• Support: Firms with implementation questions are directed to contact their usual BMA contact.

The notice itself is administrative, but it triggers a firm compliance deadline for all institutions licensed under the Banks and Deposit Companies Act 1999.

Key obligations

• Institutions licensed under the Banks and Deposit Companies Act 1999 must become compliant with the newly published Code of Conduct within six months of its publication date (11 August 2022).

Applies to

banks, deposit companies, institutions licensed under the Banks and Deposit Companies Act 1999

Deadlines

• six months from 11 August 2022 (publication date): Deadline for licensed institutions to become compliant with the finalised Code of Conduct.