Financial Policy Council

13 September, 2018

This week, the Premier, the Hon. David Burt, JP, MP, welcomed Dr. DeLisle Worrell, past Governor of the Central Bank of Barbados to Bermuda.

Dr. Worrell is on-island to meet with the members of the Bermuda Financial Policy Council. The public will recall that Dr. Worrell was recently appointed to the council, which was created to advise on the development of Bermuda’s financial stability framework. Today’s meeting would be Dr. Worrell’s first with the council.

To date, specific discussions have centered around the international insurance industry, US tax reform, the growing importance of fintech and blockchain technology, as well as work under way by the National Anti-Money Laundering Committee to ensure Bermuda’s compliance for the 2018 Caribbean Financial Action Task Force Mutual Evaluation Review.

During today’s meeting, which took place at the Bermuda Monetary Authority (BMA), the discussion focused on the current financial climate and other key socio-economic areas of concern.

Members of the council include Premier Burt, Sir Andrew Large, the former deputy governor of the Bank of England and Jeremy Cox, CEO of the Bermuda Monetary Authority. Other members are Michael Butt, chairman of Axis Capital Holdings; Dame Amelia Fawcett, chairwoman of the Hedge Fund Standards Board; and Gil Tucker, former Bermuda managing partner of EY, who is on the board of HSBC Bermuda.

The council is supported by the Ministry of Finance and the BMA.