The Regulatory Compliance Association (RCA) will provide 100 scholarships in financial services compliance training.

A press release announcing the scholarships stated that Premier Michael Dunkley and Minister of Economic Development Dr Grant Gibbons unveiled the “major training initiative that is intended to provide “substantial opportunities” for Bermudians in financial services compliance.

The political leaders reported that the Bermuda Government, the Bermuda College and the RCA have joined forces to provide the new professional development programme, which they said would “assist in the continued growth of intellectual capital on-Island”.

The 100 scholarships are for Bermudians who participate in this professional development programme. It is intended for individuals who are working in compliance-related positions or those who wish to enter the field.

According to the release, the RCA is a graduate level educational organisation headquartered in New York and its goal is to protect investors and financial markets through delivering accredited, post-secondary education focused on regulation, law and practice, compliance and examinations, and enforcement.

Mr Dunkley stated: “This collaborative effort by the Ministry of Economic Development, the Bermuda College and the Regulatory Compliance Association is one that will have far-reaching benefits for Bermuda.

“Such an initiative provides a significant opportunity for Bermudians to strengthen their knowledge base through a proven, recognised programme.”

Dr Gibbons said: “This is an exciting opportunity for Bermuda to enhance its capacity to meet the ever-increasing demands of a global marketplace.”

The new training will be part of the College’s professional and career education (PACE) programme, its president, Dr Duranda Greene, said.

The Government added that a curriculum advisory committee would advise on the skills required, core competencies and expertise, and that George Thomas Jr, a New York-based Bermudian with extensive experience in international finance, would be its chair.

“It is important that we engage key industry partners to tailor the programme and its offering,” said Dr Gibbons. “The success of this programme and the continued growth of our intellectual capital depend upon the active engagement of Bermuda’s businesses and employees.”

The planned launch date is September 1.