The Bermuda Monetary Authority is seeking stakeholder feedback on its development proposals for a conduct of business framework, providing guidance on how regulated financial services treat their customers.

The proposed new Code of Conduct has been developed to secure protections for customers and encourage best practices within Bermuda’s deposit-taking industry.

The Code seeks to ensure that all institutions: have an obligation to treat customers fairly and equitably; have continuing regard for the interests of customers in the conduct of their business; ensure that communications with customers are fair, clear and not misleading; provide the necessary protection against the loss of customers’ assets due to internal fraud and/or misuse; handle complaints and errors in a manner that is fair and expedient; ensure that customers, especially retail customers, are aware of their responsibilities within the business relationship; and facilitate access to appropriate resources to help customers, especially retail customers, understand their responsibilities within the business relationship.

The Authority invites stakeholders to contribute their views on the proposals in a consultation paper and draft Code.

Comments should be sent to conduct@bma.bm no later than the close of business on 25 October 2021.

https://www.bma.bm/notices

https://www.bma.bm/document-centre/discussions-consultation-papers

https://www.bma.bm/document-centre/policy-and-guidance-market-conduct