Notice - BDCA Code (2021-09-15)

Summary

This is a BMA notice announcing a consultation paper on a proposed new Code of Conduct under the Banks and Deposit Companies Act 1999. The Authority is seeking stakeholder feedback on a draft conduct of business framework intended to strengthen customer protection in Bermuda's deposit-taking industry. It does not yet impose binding requirements; it invites comments on the proposals.

• Fair treatment: Institutions would have an obligation to treat customers fairly and equitably.
• Customer interests: Institutions must have continuing regard for customers' interests in conducting business.
• Clear communication: Communications with customers must be fair, clear and not misleading.
• Asset protection: Institutions must protect against loss of customers' assets due to internal fraud or misuse.
• Complaints handling: Complaints and errors must be handled fairly and expediently.
• Customer awareness: Customers, especially retail customers, should be made aware of their responsibilities in the business relationship.
• Access to resources: Institutions should facilitate access to resources helping customers understand their responsibilities.

Stakeholders are invited to submit comments on the consultation paper and draft Code to conduct@bma.bm no later than close of business on 25 October 2021.

Key obligations

• Stakeholders wishing to comment must submit feedback on the consultation paper and draft Code to conduct@bma.bm by close of business on 25 October 2021.

Applies to

banks, deposit companies, customers of regulated financial services businesses

Deadlines

• 25 October 2021: Deadline for stakeholders to submit comments on the consultation paper and draft Code of Conduct to conduct@bma.bm