Royal visit to Cayman – Memories from 1994

Cayman Compass

New banks’ code of conduct requires notice for fees

The Cayman Islands Bankers Association has updated the code of conduct for its members. The changes bring modest improvements for local banking customers while aligning Cayman’s banks with UK best practices.

The most notable change is that Cayman’s banks have committed to give a minimum of 30 days’ notice before raising existing fees or introducing new ones.

The move comes following political pressure on banks. In July 2024 a private member’s motion was passed that called for a “higher standard of bank’s duty of fairness to customers”. It specifically called for banks to give 30 days’ notice before increasing interest rates, while also highlighting weaknesses in the then banking code and comparing it unfavourably with UK practices.

Read more