During his two years as head of the financial regulator in Bermuda, Elderfield introduced reforms to strengthen the island's reputation for international insurance, banking and fund management.
He strengthened regulation in Bermuda by significantly increasing staff numbers, expanding the BMA's learning and development programme, and introducing a scoring system for management.
He succeeded Patrick Neary, who retired early over the handling of the regulator's investigation into the €87 million in secret directors' loans at Anglo Irish Bank.
[9] He has been tasked with the rebuilding of the financial regulators function and restoring its reputation, overseeing the recapitalisation of the banks, helping to wean them off the funding support of Government guarantees, match Ireland's regulatory changes with the raft of measures coming internationally, and strike a measured balance in his approach to maintain a competitive position for the Irish financial services sector at a global level.
[10] An Irish Times poll suggests that he is meeting success in restoring credibility to the Financial Regulators office with 68% responding positively.
[17] This was following a direct challenge by Elderfield to the groups owner, Irelands former richest man, Sean Quinn, to "Show me the money" that would have solved the financial difficulties.