Craig Swan, the Authority’s Chief Executive Officer, stated, “This amendment of the BMA Act marks a key milestone for the Authority’s customer protection strategy, demonstrating the jurisdiction’s commitment to the highest financial services standards through enhancing the Authority’s mandate with the aim of promoting fair outcomes for customers of Bermuda’s financial services providers.
We appreciate the engagement of the Government, industry, and the general public on this matter and we look forward to continuing to work with the Authority’s regulated institutions to support their compliance with the letter and spirit of the codes.