Log In

Reset Password

Senators back law on banking fee regulation

Douglas DeCouto (Photograph supplied)

The Government will be able to dictate to banks what fees they can impose on customers under legislation passed in the Senate yesterday.

The Banks and Deposit Companies Amendment Act 2022, which was passed without objection, will also enable the finance minister – through the Bermuda Monetary Authority – to impose a code of conduct on companies conducting deposit-taking business.

Under the legislation, financial institutions must provide details of their business practices on request from the BMA and a failure to comply with the code could result in regulatory sanctions, including revocation of licence.

Douglas DeCouto, an OBA senator and shadow economic development minister, said: “This is clearly a Bill that goes in the right direction and will hopefully bring protection for consumers.”

However, he said the wording in banking contracts can be difficult for the lay person to understand, adding: “Banks are not inclined to simplify the language”.

He said that consumers should be educated on what to look for in their contracts.

You must be Registered or to post comment or to vote.

Published July 21, 2022 at 8:00 am (Updated July 20, 2022 at 1:29 pm)

Senators back law on banking fee regulation

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon