Banks will work to ensure no one is denied service without good reason, but they must continue to meet international standards.
This was affirmed by the Bermuda Bankers Association in response to Throne Speech plans to amend banking laws.
The PLP Government wants to legislate so all residents have access to banking services, a promise first declared in last year’s Speech from the Throne.
Last year, Geoff Scott, CEO of the Bermuda Bankers Association, said it should be determined exactly what segment of the population needs this provision, so any risks associated with the endeavour can be understood.
The BBA released the following statement in response to this year’s Throne Speech”
“The Bermuda Bankers Association will continue to engage with the Bermuda Government and the Bermuda Monetary Authority to ensure that, while Bermuda’s residents are not unreasonably denied access to financial services, we maintain the high standards, safety and soundness of Bermuda’s banking system that are essential to the international financial system.”
