The Minister of Home Affairs, the Hon. Alexa Lightbourne, JP, MP, recently met with the leadership of HSBC Bermuda and Butterfield to discuss a range of issues related to affordability and consumer protection in Bermuda.
Minister Lightbourne outlined her Ministry’s mandate to ensure a more affordable Bermuda for all, highlighting the significant work undertaken over the past eight months to address cost-of-living pressures and strengthen fair consumer practices.
Discussions focused on the importance of affordable and adequate access to basic financial services, particularly for vulnerable members of the community. The parties explored options such as tiered banking service packages and prepaid products designed to support vulnerable customers and expand access to affordable purchases. These tools would help individuals transact more easily with a broad network of businesses and grocery stores, supporting fair and equitable participation in Bermuda’s economy.
Mortgage payments, financing for residential and community energy projects, and opportunities for partnership on consumer education campaigns were also discussed.
Minister Lightbourne said, “Our Ministry has been tasked with helping to deliver a more affordable Bermuda for all. That requires close collaboration with our financial institutions, who are critical partners in expanding access and protecting consumers. By reviewing existing services and exploring new opportunities to improve affordability across all sectors, we demonstrate the collective effort required to make progress; particularly in the relationship with banks. Many Bermudians feel powerless in their banking relationships, and I appreciate the opportunity to meaningfully engage with senior bank executives to identify practical ways to better empower customers in Bermuda.”
Mr. Neville Grant, CEO of the Bermuda Banking Association said, “As both the Deputy Chair of the Cost of Living Commission and the CEO of the Bermuda Banking Association, we acknowledge the value of and appreciate the engagement with the Banks as key stakeholders in our community. This banking outreach is a key part of the process, and it will ensure that they are also a part of the solution. The more the banks better understand and explain the dynamics driving our cost of living, then we will be able to provide thought leadership to create practical solutions to better manage the cost of living in Bermuda. We look forward to the contributions from the remaining banks and are excited about the discussions that have been held to date.”
The Ministry of Home Affairs will continue to engage with key sectors across Bermuda’s economy to ensure that policies and practices align with the goals of affordability, fairness, and accessibility for all residents.