BMA Invites Feedback On Bank OTL Fees
“The Banks and Deposit Companies Act 1999 was recently amended [in section 60[2]], to enable the Minister of Finance to ‘regulate any commercial or operational business fee, charge or penalty’ applied by banks to their customers,” the Bermuda Monetary Authority said.
A spokespeson said, “In this connection, the Bermuda Monetary Authority [Authority or BMA] is now inviting feedback from stakeholders on proposals set out in the captioned consultation paper and the accompanying illustrative draft “Banks and Deposit Companies [Over-the-Limit Fees] Regulations 2023”.
“Comments should be sent to policy@bma.bm no later than the close of business on 12 June 2023.”
