The official launch of the new Banking Code, drawn up in conjunction with the Cayman Islands Bankers Association (CIBA) and retail banks, took place at a press briefing on Tuesday, 31 July.
Eduardo D'Angelo P Silva, the immediate Past President of CIBA, symbolically delivered the code to Patrick Bodden, Acting Managing Director of the Cayman Islands Monetary Authority (CIMA), and Tricia Thompson, Deputy Head of Banking at CIMA.
Conor O'Dea, the current President of CIBA, was unable to attend the press briefing due to a family emergency.
Mr Silva praised the involvement of retail banks in "...producing a document to make clear to retail customers what to expect." He also pointed out that, "There was a need for a single, user friendly document that relates to retail activities in the Cayman Islands."
"We hope all customers and the population in general will use the code to clarify the relationship they have with their banks", Mr Silva added. "We look forward to working with existing and future clients and are confident that it will improve banking services in the Cayman Islands".
Mr Bodden of CIMA said the code, "Underscores the constructive and cooperative relationship we have in the Cayman Islands."
A CIBA press release stated that the voluntary code sets the standards of good banking practice in the Cayman Islands and explains how banking institutions subscribing to the code and their staff are expected to deal with customers.
The press release quotes Mr O'Dea as saying, "We are very pleased to introduce this voluntary code, which encourages higher standards for the benefit of customers through competition and market forces."
He commends the efforts of all CIBA members and the special committee that worked on developing the new code. "In many ways this code formalises the practices that we have had working within the local banking sector over the years. We have also taken the opportunity to improve the information flow as well as guidance to all existing and potential banking customers."
In the press release 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."
Representatives from retail banks were present at the launch. Ormond Williams, President of Cayman National Bank said this is "an opportunity to show we are interested in the welfare of our customers. The code establishes that fact."
When asked how Cayman National would distribute and inform customers about the code Mr Williams replied, "We first need to ensure that all our staff are conversant with the code in order to be in a position to make it available to the public and to be in a position to answer questions. Secondly, we need to make it available on our website and are exploring other (accessibility) options."
In response to the same question, Jeffery Ebanks from Butterfield Bank said it would be put in branches over the coming weeks. Adrian Watkin, also from Butterfield Bank, highlighted the responsibility everyone should take in becoming familiar with the document. "Customers have a role to play by asking for the code", he said.
According to Farried Sulliman from Scotia Bank & Trust (Cayman) Ltd, the bank will take a three-step approach to informing customers and distributing the code. They will put signs up in branches, make it available on their website and encourage customers to ask for the document.
"The code hasn't changed anything we're doing; it makes information more openly available," Mr Sulliman said, adding that the code is "a partnership between the bank and the customer."
All of Cayman's current retail banking community have agreed to adopt and implement the code including Butterfield Bank, Cayman National Bank, Fidelity Bank, First Caribbean International Bank, HSBC, Royal Bank of Canada and Scotiabank & Trust. The Code of Conduct will be made available at participating branches as well as on the banks' websites.
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