"I am pleased to announce the formation of a Review Group to assess the work of the Financial Policy Council (FPC) and make recommendations for possible improvements. This is the first review of the FPC since its establishment in 2015," said the Premier and Minister of Finance, the Hon. David Burt.
"The FPC has provided focused and helpful advice to previous Ministers of Finance and me. As with any ongoing advisory committee, it is timely to assess the overall effectiveness of its work, lessons learned and advise how it could be strengthened.”
Premier Burt added, "The review will be informed both by experience in Bermuda and similar arrangements in other international jurisdictions during this period. In particular, it will include a review of how to maximise the benefit of the FPC to Bermuda as a jurisdiction.
"The FPC was established with a mandate to look at Bermuda's financial stability risks and to oversee the coordination and management of mitigation efforts against the identified risks. Since that time, the FPC has addressed a range of issues and challenges that have required policy action by public authorities. These issues have included the banking sector sectoral risks, post-pandemic economic recovery efforts, digital finance, achieving successful AML status and avoiding tax haven stigma.
"The FPC Review Group will be chaired by Mr. Donald Scott, JP, Chairman of the Bermuda Monetary Authority. Other members in the Review Group include: Mrs. Cheryl-Ann Lister, the Acting Financial Secretary; Ms. Tammy L. Richardson-Augustus, JP, BMA Director; Sir Andrew Large, Deputy Chair of the FPC; Mr. Michael A. Butt, FPC member; Dame Amelia Fawcett, FPC member; and Mr. George Pickering.
"As part of its work, the Review Group will consult with key stakeholders in Bermuda's financial services sector and associated entities. It is expected to report to the Premier/Minister of Finance by April 2023."