Cayman Banks launch new Code of Conduct
The Cayman Islands Bankers Association (CIBA) in conjunction with all of the retail banks in the Cayman Islands has announced that a new Banking Code has been launched.
The code, which is voluntary, sets standards of good banking practice in the jurisdiction explaining the way banking institutions subscribing to it are expected to deal with clients.
Mr. Conor O’Dea, President of CIBA expressed the excitement to introduce the Banking Code as it encourages “higher standards for the benefit of customers through competition and market forcesâ€.
The code covers 16 areas that influence the interaction between banks and their clients, including complaints, interest rates and charges and banks’ assistance in case a client has financial difficulties.
It should be noted that the new code was welcomed by local regulators as it is improves local banking standards and encouraged all banks to adopt it.
So, all of current retail banking community of the jurisdiction have agreed to adopt and implement the banking code. This included Butterfield Bank, Cayman National Bank, HSBC, Fidelity Bank, First Caribbean International Bank, Scotiabank & Trust and Royal Bank of Canada.