BMA not ready to bring workers back to the office

The Bermuda Monetary Authority (BMA) will begin “a phased return to our physical offices at the appropriate time,” in conjunction with the government’s phased re-opening of Bermuda, the BMA has said.

The BMA said the speed and timing of its re-entry to its physical office will be determined by judgements about the safety and wellbeing of its staff. It pledged to remain pragmatic and responsive in its efforts to facilitate the continued functioning and stability of Bermuda’s financial services industry.

The BMA has been operating remotely, with its staff working from home, since March 20, at which time it tentatively planned to return to its premises on April 6. However, it said its plans have had to adjust as the public health situation in Bermuda has evolved substantially since then.

The regulator stressed it remained operational despite its staff working remotely, engaging with applicants and registrants and processing applications as before. It has also managed to conduct on-site examinations, and coordinated supervisory efforts with foreign regulators on a fully remote basis, and will continue to do so.