Bank Code will boost service

The banking community believes the new Code of Conduct will help improve customer service and inspire confidence in Bermuda’s banks.

The Bermuda Monetary Authority announced on Monday that the island’s banks have volunteered to adhere to a set of regulations.

The code sets standards of good practice for banks and deposit companies.

It contains a number of commitments local banks will seek to abide by in their treatment of retail customers.

The code applies to Capital G, HSBC Bermuda, Butterfield Bank, Bermuda Commercial Bank and First Bermuda Group.

Standards

Ian Truran, president and CEO of Capital G Bank  and Capital G Trust said: “The Code, developed in conjunction with all the Bermuda banks and the Bermuda Monetary Authority, reflects a voluntary set of standards and commitments designed to enhance our retail customers’ overall banking experience and elevate the quality of retail banking across the entire industry.”

HSBC said: “It is a very positive step in improving the overall transparency and understanding of the delivery of banking products to the public, which can only enhance confidence in this important industry in Bermuda.”

Michael Collins, senior executive vice president of Butterfield Bank, said: “It reinforces the reputation of Bermuda as having a progressive, world-class regulatory environment.”

Jeremy Cox, CEO of the BMA, said: “We congratulate the banks for their work on this initiative.

“As the island’s financial regulator, the Authority will monitor the banks’ adherence to the standards set by the code as part of our overall supervision of the sector.”

Graeme Dargie, director of banking, trust and investment at the BMA, said: “The code sets out clearly what customers should expect in their dealings with banking institutions and is designed to ensure that customers receive fair treatment.

“The banking code follows the launch of an enhanced Code of Conduct for investment providers earlier this year, both part of a continuing drive to secure enhanced protection for consumers.”