Banks and Deposit Companies Amendment Act
Passed
Simplified for You
What this bill does
This bill gives the Bermuda Monetary Authority new powers to create rules about how banks and deposit companies should operate and treat their customers. It also gives the Finance Minister authority to regulate fees that these institutions charge their clients.
If Passed (Voted Yes)
Banks and deposit companies must follow new codes of conduct created by the Bermuda Monetary Authority covering customer service standards and business practices
The Finance Minister can regulate and control fees, charges, and penalties that banks impose on their customers
Banks that don't follow the new codes of conduct could face penalties or lose their licenses
If Rejected (Voted No)
Banks and deposit companies continue operating under current rules without additional conduct standards
The Finance Minister has no power to regulate fees that banks charge customers
The Bermuda Monetary Authority cannot create binding codes of conduct for deposit-taking institutions
Who It Affects
This primarily affects anyone who has bank accounts, loans, or other services with banks and deposit companies in Bermuda, as well as the financial institutions themselves who would need to follow new rules and potentially face fee regulations.
Vote counts are not published.
The Bermuda Parliament does not publicly record individual vote counts or how each member voted.
Write to your MP about this
Related Bill
Banks and Deposit Companies Amendment Act 2022
Download bill PDF