New Code for Cayman Banks

Nick Parmee

3 August 2007

The Cayman Islands Bankers Association has launched a new voluntary banking code setting standards of good banking practice. Local regulators welcomed the new code, describing it as an improvement to local banking standards and encouraging all banks to adopt it. Malcolm Eden, head of banking supervision of the Cayman Islands Monetary Authority, said: "The code is expected to raise the standards of banking service in the Cayman Islands, while simultaneously placing renewed focus on the value of high levels of customer satisfaction to individual institutions as well as the jurisdiction. We look forward to its adoption by all members of the banking community". Tim Ridley, chairman of the Cayman Islands Monetary Authority, said: "CIMA welcomes the development of this voluntary code of conduct by CIBA. We urge all banks, particularly those engaged in retail banking in Cayman, to adopt and fully implement this code as soon as possible". Participating banks include Butterfield Bank, Cayman National Bank, Fidelity Bank, First Caribbean International Bank, HSBC, Royal Bank of Canada and Scotiabank & Trust.