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Review planned for Financial Policy Council

An early meeting of Bermuda’s Financial Policy Council (File photograph)

An advisory group set up in 2015 to help keep Bermuda’s economy on a steady course is to get its first review.

An assessment of the Financial Policy Council, which will include consultation with others in the island’s financial sector, is expected to be handed in by next April.

David Burt said the review group would look over the FPC’s work and submit recommendations for possible improvements.

The Premier and finance minister said: "As with any ongoing advisory committee, it is timely to assess the overall effectiveness of its work, lessons learnt and advise how it could be strengthened.”

Mr Burt said the review would be informed by the experiences of the past seven years in other jurisdictions as well as Bermuda.

He added: "In particular, it will include a review of how to maximise the benefit of the FPC to Bermuda as a jurisdiction.

"The FPC was established with a mandate to look at Bermuda's financial stability risks and to oversee the co-ordination and management of mitigation efforts against the identified risks.

“Since that time, the FPC has addressed a range of issues and challenges that have required policy action by public authorities.”

Mr Burt said the council had acted on potential risks to the banking sector as well as post-pandemic economic recovery efforts.

Digital finance and obtaining anti-money laundering status came under its purview as well as “avoiding tax haven stigma”, he said.

Donald Scott, chairman of the Bermuda Monetary Authority, will head the review group.

Other members include Cheryl-Ann Lister, the acting financial secretary; Tammy Richardson-Augustus, a BMA director; Sir Andrew Large, deputy chairman of the FPC; FPC members Michael Butt and Dame Amelia Fawcett, and George Pickering.