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X, an EU-based IFA representing over 200 policyholders
As an IFA representing clients with retirement savings, I trusted in the Bermuda regulatory environment and the big name insurance auditor KPMG. Once the BMA petitioned for Provisional Liquidation, I found the JPL's did everything to stifle normal day-to-day operations. They reneged on the contract to maintain the client database, run from Sweden and subject to EU GDPR laws - laws that the JPL's at Deloittes violated on two occasions. One of the JPL's passed away, yet nobody knew for almost 2 months while we petitioned fo raccess to policyholders' monies. I am shocked at the behaviour of the BMA, the supposed regulator in Bermuda. How can I ever recommend Bermuda as a financial jurisdiction to clients ever again, where zero customer protection prevails!!
My clients' lives have been ruined, my carefully buld business of many years destroyed, yer Bermuda marches on with no guilt or shame whatsoever!!
David Mapley, Investigating Director, 2023-
A horrendous debacle from start to finish, where a successful, bona fide and profitable investment insurer with over 2,000 policyholders was systematically and capriciously destroyed by regulators, initially as a knee-jerk to EU greylisting, but which snowballed into a CYA operation by various invididuals at the BMA (who commented internally that the Custodian Life was "financially sound"..). Customwr protection seemed of the lowest priority, and the Liquidator/Lawyer feeding frenzy at the trough of this financial country club served only the powrs that be!!