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Senate passes law to protect financial service customers

The Bermuda Monetary Authority Amendment Act 2022 was passed by senators (File photograph)

Legislation designed to protect financial service customers was passed in the Senate.

The Bermuda Monetary Authority Amendment Act 2022 will mean that the BMA’s principal 1969 Act will include, among its main objectives, an aim to promote consumer protection through the oversight of business by financial institutions.

There were no questions from senators but Douglas DeCouto, the shadow economic development minister, said the Bill had “good intentions and good objectives”.

Responding to the reading of the Bill by junior finance minister Arianna Hodgson, Mr DeCouto said: “It is not out of line with what is happening elsewhere in the world.

“You mentioned the Bermuda Digital Assets Business Act – I look forward to [related] codes coming into play. It will be very important for Bermuda to set itself apart from the rest of the world in how it handles that business without tarnishing our record.

“These codes can be onerous and can have many negative effects on how companies operate if they are not handled well.

“An experienced touch is going to be required from the BMA. I am sure they are up to it. I look forward to them doing a good job with this to the benefit of Bermuda.”

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Published July 21, 2022 at 7:58 am (Updated July 21, 2022 at 7:46 am)

Senate passes law to protect financial service customers

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