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Fairness and Transparency: A New Standard for Consumer Protection

In a bold move to safeguard the interests of consumers, the [Authority] has proposed a new set of principles aimed at ensuring fairness, transparency, and accountability in all aspects of business dealings with customers.

The Six Core Principles

The document outlines six core principles designed to promote a culture of consumer-centricity within financial institutions. These principles include:

• Dealing fairly and honestly: Firms must consider the outcome for consumers of their products, services, procedures, strategies, and practices.
• Responsible business practices: Firms should assess the suitability of a product or service vis-à-vis the consumer’s needs, risk appetite, and financial capacity. They should also ensure that staff and authorized agents are qualified, trained, and experienced to discharge their duties properly.
• Disclosure and transparency: Firms must provide complete, timely, accurate, and non-misleading information regarding their goods and services, terms, conditions, applicable fees, commissions, and final costs to enable consumers to make informed decisions.
• Protection of consumer assets: Firms should have in place appropriate controls and protection mechanisms for the protection of consumers’ deposits, investments, and other similar financial assets against loss, fraud, or misuse.
• Dispute resolution mechanisms: Firms must provide expeditious, fair, transparent, and effective dispute resolution processes without unnecessary cost or burden to consumers.
• Financial education and awareness: Firms should develop programs and mechanisms to assist consumers in developing the knowledge and skills necessary to understand risks, make informed decisions, and access competent and professional advice when needed.

Benefits for Consumers

The Authority believes that these principles will benefit consumers by:

• Increasing confidence and trust in financial institutions
• Setting reasonable expectations for consumers
• Mitigating risks to consumer harm
• Ensuring asset protection
• Providing effective dispute resolution mechanisms

What’s Next?

The Authority plans to address sector-specific conduct of business requirements through a sector-by-sector approach, focusing on risks posed to consumers by products and services offered, market sector status, and potential threats to Bermuda’s financial stability. Stay tuned for updates on this important initiative aimed at safeguarding consumer interests in Bermuda’s financial industry.