THE BMA'S ROLE
What the BMA can do
- Help you be aware of the market Codes financial companies should follow when dealing with customers
- Help you check if a financial company is licensed
- Help you understand what you can do to ensure you are treated fairly and protect yourself
- Monitor how well companies are adhering to the market Codes
- Provide information that will help you find out how to resolve disputes or complaints
What the BMA cannot do
- Resolve individual customer service issues on a case-by-case basis. Instead we check for regulatory breaches across each sector and deal with non-compliant companies. We also monitor how institutions are adhering to the market Codes.
The Bermuda Monetary Authority (BMA) is the independent financial services regulator for Bermuda. We make rules and regulations for local financial services companies that require them to run their businesses responsibly, and can take action to deal with firms that don’t comply with those regulations.
The BMA was founded in 1969 by an Act of Parliament, operates independently from the Bermuda Government, and is funded totally by the fees we charge to the companies we regulate. The companies we regulate include Bermuda’s banks, trust companies, investment companies, money service businesses, corporate service providers, insurance companies, fund administrators and the Bermuda Stock Exchange.
The BMA also:
- Issues Bermuda’s national currency
- Assists other organisations in the detection and prevention of financial crime
- Advises Government/public bodies on banking and other financial matters
The Authority’s goal is to support overall stability in the Bermuda market and make sure business is conducted prudently here. Ultimately our responsibilities aim to protect Bermuda’s reputation, and the local depositors, policyholders and investors who use financial services in Bermuda.Our Mission:
To protect and enhance Bermuda’s reputation and position as a leading international financial centre, utilising a team of highly skilled professionals acting in the public interest to promote financial stability, safeguard our currency and provide effective and efficient supervision and regulation.