Bermuda Monetary Authority Amendment Act 2022

What this bill does

This bill adds a new responsibility to the Bermuda Monetary Authority's list of official duties. The new responsibility is to protect customers who use banks and other financial companies by making sure these businesses follow proper rules and treat customers fairly.

If passed (voted YES)

• The Bermuda Monetary Authority will officially have the power to watch over how banks and financial companies treat their customers
• Financial institutions may face more oversight and regulation to ensure they are providing fair products and services
• Customers of banks and financial companies may have better protection when things go wrong

If rejected (voted NO)

• The Bermuda Monetary Authority will continue operating with its current responsibilities only
• There will be no new official customer protection mandate for the Authority
• The existing level of oversight over financial institutions' customer treatment remains unchanged

Who it affects

This primarily affects anyone who uses banks, insurance companies, or other financial services in Bermuda, as well as the financial institutions themselves who would be subject to increased oversight.