The Bermuda Monetary Authority has launched a consultation on proposed regulations that would strengthen the disclosure, review and oversight of fees charged by banks and deposit companies. The framework would cover individuals, charities, sole proprietors and other specified organizations, as well as local businesses with annual revenue below BMD 5 million. It would apply to fees for specified banking products and services, including accounts, loans, mortgages, foreign exchange and payment cards, but would exclude interest and exchange rates, taxes, third-party charges and services provided under other licences. Institutions would submit annual fee schedules to the Minister of Finance, who would assess their reasonableness based on service costs and risks, customer impact, disclosure comparability and Bermuda market conditions. Over-the-limit and account maintenance fees would initially be designated as specified fees. New or increased specified fees would require a ministerial notice of no objection following a 45-business-day review, while existing fees would not be grandfathered and could also be reviewed. Institutions would have to reimburse customers by the end of the next applicable billing cycle for specified fees changed without adequate disclosure or regulatory notification, including consequential charges. Breaches would fall within the BMA’s existing enforcement framework and could attract penalties of up to BMD 10,000. Comments are due by Sept. 22, 2026.
Bermuda Monetary Authority2026-08-07
Bermuda Monetary Authority launches consultation on bank fee disclosures and approval controls
The Bermuda Monetary Authority is consulting on rules requiring annual disclosure and ministerial review of bank fees affecting individuals, charities and local businesses with annual revenue below BMD 5 million. New or increased over-the-limit and account maintenance fees would require prior no-objection, while improperly disclosed or charged fees would have to be refunded. Comments are due by Sept. 22, 2026.