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The Bermuda Monetary Authority (Authority or BMA) is Bermuda’s independent regulator of licensed and registered financial services businesses (licensed businesses). We make rules and regulations that require these licensed businesses to operate responsibly and conduct their business in a prudent manner. We also supervise them, hold them accountable to complying with their regulatory obligations and may take regulatory action when needed.   

In August 2022, the BMA’s mandate was expanded to promote the protection of customers that use the products and services provided by licensed businesses through the oversight of their conduct of business.

We began implementing this new mandate by incorporating conduct of business principles into existing and newly published codes of conduct (codes) for the banking, domestic insurance and digital asset business sectors. The codes, amongst other things, seek to ensure licensed businesses are overall providing fair outcomes for customers. Licensed businesses must comply with the requirements of any code applicable to them, and the Authority oversees their compliance with the requirements of the code as part of our supervision. 

It is expected that the codes for other sectors, beyond banking, domestic insurance and digital asset businesses, will also be expanded upon in the future to include conduct principles.

Conduct of Business

The conduct principles contained in the codes derive from international best practices and aim to ensure that licensed businesses adhere to the following conduct principles:

  • Treating you, as a customer, fairly and equitably

  • Employing responsible business practices
  • Disclosing all relevant information promptly
  • Protecting your assets against loss, fraud and misuse
  • Having formal complaint and dispute resolution procedures and making them publicly accessible
  • Ensuring you, as a customer, understand the features and risks of their products and services and your responsibilities as a customer

The codes contain the same set of requirements around the treatment of customers, with an overarching intent to ensure the following outcomes:  

  • You, as a customer, have confidence and trust that the regulated businesses that you engage with will treat customers fairly and with due skill and care 

  • You, as a customer, are provided with (or are enabled to find) clear and timely information that helps you make informed decisions 

  • If you, as a customer, have a dispute with a licensed business, you can make a complaint to them, and the complaint will be handled within a reasonable timeframe


When purchasing financial products and services, it is important for you to understand the licensed business’ role as a provider of financial products. As explained in the codes, you can expect licensed businesses to:

  • Have effective policies, procedures and internal structures in place to ensure that you, as a customer, are treated equitably and fairly
  • Provide you, as a customer, with clear, easy-to-understand information about their products and services to help you make well-informed decisions
  • Offer you, as a customer, products and services that are suitable for you, based on the information you have provided them
  • Provide you, as a customer, with clear, timely and publicly available information about any applicable fees and/or their policies for changing fees, interest rates, insurance policy coverage, etc
  • Seek your approval, as a customer, before making any product changes or enhancements that will affect you
  • Provide you, you as a customer, with an easily accessible procedure to make a complaint and to receive, acknowledge and handle your complaint within the timeframe published in their service standards
  • Keep any information private that you, as a customer, provide to them, as required by privacy laws
  • Reasonably accommodate your needs if you are a vulnerable person

As a customer of a licensed business, you also have responsibilities to ensure that the licensed business can proceed efficiently and effectively with your onboarding and ongoing use of its products and services. 

Your responsibilities as a customer include the following:

  • Read the information provided to you and ask any questions to make sure you fully understand all terms, conditions and disclosures before entering into a relationship or providing your agreement to take on a new or amended product or service
  • Provide the licensed business with the initial and ongoing information they need to comply with anti-money laundering and anti-terrorist financing laws
  • Share information honestly about yourself that is relevant to the licensed business so that its representatives can determine your suitability for their various products and services and also advise them promptly if your circumstances change

  • Review your contracts, statements and transaction confirmations and bring any suspected errors promptly to their attention
  • Protect the devices, passcodes and/or personal information you use to access your products and services electronically

Before you purchase or use financial products and services, educating yourself can help you achieve the outcomes you expect. It is always best to think carefully about your needs and the right questions to ask before you seek advice or purchase financial products and services.

The BMA requires licensed businesses to have a formal complaints procedure in place. This includes ensuring that licensed businesses acknowledge your complaint and address it according to their complaints procedures. They are also required to maintain a complaints log. They should keep you advised on how they are addressing your issue, how and when it will be resolved or, otherwise, clearly explain why you were advised that your complaint does not warrant specific action from them.

If you have an issue as a customer of a licensed business, you should take all reasonable steps to resolve your complaint with the licensed business.

Some suggested steps are as follows:

  1. Be prepared to clearly describe your issue and any action you wish the licensed business to take
  2. Gather any supporting documents (e.g., account terms and conditions, fee schedules, statements)
  3. Follow their procedures for filing a complaint
  4. Wait for the allotted time period published in their service standards to pass
  5. Keep detailed written records of any communications you send or receive as part of their process
  6. If the allotted time period published in their service standards has passed and the business has not resolved your complaint, please make one last contact with the licensed business. It is important that you do this before you take the step of contacting the BMA

The BMA can help protect you as a customer of a licensed business in the following ways:

  • We provide a searchable database on our website so you can check if a business is licensed or registered to offer financial services in Bermuda
  • We have included links to the various codes licensed businesses must follow (see the right-hand menu on this page). The BMA monitors licensed businesses’ compliance with the codes
  • You can file an Unresolved Complaint Report with us if your complaint to a licensed business has not been closed promptly (i.e. according to their published service standards). 

In determining compliance with the applicable codes and legislation, the BMA may consider information from a variety of sources, including Unresolved Complaint Reports. Please note that it is not in the BMA’s mandate to settle any complaint you have made with a licensed business on your behalf.



Please ensure you have taken the three actions below before filing your Unresolved Complaint Report with the BMA:

  • Submit your complaint to the licensed business, following its established procedures for filing a complaint;

  • Wait for the allotted time period that the licensed business has stated it will need to investigate your complaint as published in its service standards; and
  • If the allotted time period has passed and the complaint has still not been resolved to your satisfaction, make one last contact with the licensed business. It is important that you do this before filing an Unresolved Complaint Report with the BMA.

If you have taken all reasonable steps above to resolve your complaint with the licensed business with no resolution, you may follow the steps below to file an Unresolved Complaint Report with the BMA indicating this has occurred.

File an Unresolved Complaint Report:

  1. Collect and prepare detailed written records of any communications sent to, or received from, the licensed business*;
  2. Fill out the BMA’s online submission for filing an Unresolved Complaint Report;
  3. Attach the supporting documents (including written records of your communications with the licensed business); and
  4. Click the ‘File Report’ button.

*NOTE:  You can upload a maximum of 10 files; however, each file uploaded may be no more than 5 MB, and the file name must not include special characters. Please use only the following file formats when preparing your documents: .doc, .docx or .pdf

Once you have filed your Unresolved Complaint Report, the BMA will:

  1. Send you a confirmation email to acknowledge that it has been received
  2. Identify any other relevant information that we may require
  3. Contact you using the email address you have provided to seek any needed clarification or request additional information that may be required

It is important to note that as a regulator of licensed businesses, the BMA’s role does not include resolving customer complaints on your behalf. However, in determining compliance with the applicable codes and legislation, the BMA may consider information from a variety of sources, including Unresolved Complaint Reports. Although the BMA is not permitted to get involved in any commercial relationship, it may be necessary when investigating compliance, for us to share your Report with the licensed business.

I understand the process and want to file an Unresolved Complaint Report.

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