DELOITTES’ LIQUIDATOR TEAM BREACH CLIENT DATA RULES
Clients of investment bond insurer Custodian Life Limited (“CL”) have complained to the Deloittes liquidators about recent, serious breaches in GDPR. On October 22 Jasmine Chee of Deloittes sent a public email to almost 300 CL clients, and worse still, to a CL competitor, in public breach of confidentiality. Given that many CL clients are EU based, Ms Chee has directly broken EU data protection laws, which can bring major fines and sanctions against her and Deloittes.
CL has already suffered at the hands of the capricious regulator Bermuda Monetary Authority (“BMA”), which broke Insurer Appeals Tribunal law, resulting in CL’s auditor suspending annual audit activities and driving CL into provisional liquidation.
The Deloittes liquidators were appointed to oversee the re-domiciliation of CL’s business to a more mature, investment friendly jurisdiction, away from Bermuda. The reality, however, has been a tag team of hostility to CL, it’s owners, and the several thousand policy holders who entrusted their insurance investment activity to the Bermuda regulatory environment.
As with similar matters regarding Newpoint Financial group, the hostile Bermuda business environment is forcing insurers to scrutinise the regulatory framework that allows various BMA officers to act outside the law and behave in a value-destroying manner.
