Premier David Burt

Hard on the heels of the Premier’s response to Parliamentary Questions on the amount of money paid out by the Progressive Labour Party government for consultants on Bermuda’s emerging FinTech industry former Premier Michael Dunkley says there are more questions than answers.

Following the response given in the House on Monday, Mr Dunkley said: “Lots of talk to date, lots of hype, many MOU’s without much follow up, Premier approves the sale of Bermudian land before the non Bermudian company appears to have a business license of any type, Fintech hub put on hold, many questions unanswered and now we learn significant funds for consultants. We look for a return on all the promises and money spent.”
Premier David Burt was asked to provide the House with the list of names of all the FinTech consultants employed by Government since the last General Election, including the terms of reference for the position, length of contract, remuneration and all benefits.
The list provided cited three names – Lydia R Dickens of CB Limited, Loretta Joseph and Denis Pitcher.
Ms Joseph was paid $60K for a three month contract, Ms Dickens was paid $70k for a contract of less than four months and Mr Pitcher was being paid $108.4K for a one year contract.
Ms Dickens was hired to assist with the implementation of ICO application process including:
  • Performing initial reviews of applications (sampling) to help inform process and to determine where additional changes need to be made to the application and/or regulations; and liaising with RoC, BMA and FTAC to help expedite processing times and achieve standardization of review procedures
  • Normalizing FinTech Advisory Committee (FTAC) including finalizing the terms of reference; assisting with coordination of committee activities (review and feedback); helping to ensure effective communication between Government and FTAC committee; overseeing the production of a Code of Conduct
  • Assist with ongoing creation of the overall legislative framework: ICO Fee; ICO Regs; amendments as needed; FTAC Regs; eID policy and legislation; compliance report template and
  • Assist with the creation of a F inTech Association to provide a foundation for industry networking, event planning and other resources; liaising with Government on behalf of the industry; supporting legislative initiatives for FinTech including both primary legislation and ancillary legislation (including modernization of intellectual property regime; potential protection zone for underwater sea cabling, other initiatives as identified by industry representatives; working with the BDA to support targeted business development efforts for the FinTech industry; assisting association members with ICO fee payments to Government via 3rd Party
Loretta Joseph:
  • Assistance with development of the policy and regulation requirements for a Digital Asset Exchange
  • Assistance with development of procedures for AML/KYC compliance requirements
  • Assistance with development of an ICO regulatory requirements
  • Assistance with development of IED policy and regulatory
  • Assistance with developing and policy and regulatory requirements for the creation, distribution and use of a local token
  • Other project related assistance and coordination as needed
Denis Pitcher – Business Development:
  • Advise the Premier as the Minister responsible for the FinTech  Business Unit and the  Head of the FinTech Business Unit on the development of Bermuda’s FinTech pipeline
  • Provide technical advice on the viability of FinTech proposals
  • Assist with the development and building of an ICO pipeline of potential businesses; and facilitate meetings and introductions to key personnel
  • Assist with the development and building a digital asset pipeline of potential businesses; and facilitate meetings and introductions to key personnel
  • Advise the Minister responsible for the FinTech Business Unit and the Head of the FinTech Business Unit on key conferences, meetings, and opportunities worldwide in the FinTech space
  • Successfully attract leading innovation-driven blockchain businesses to the Island’s ecosystem and connect Bermuda to relevant national and international bodies
  • Prepare background material for speeches to be delivered by the Premier in his capacity as Minister responsible for FinTech, press releases, editorials, and other publications on matters related to FinTech
  • Maintain and update the FinTech website
Policy:
  • Serve on and contribute to the FinTech Advisory Committee according to its approved
  • Enhance the development of the long-term strategy for the FinTech Business Unit by giving specific feedback and guidance during the FinTech Business Unit’s strategic planning exercise
Length of Contract for Lydia R Dickens t/a CB Limited:
  • The answer can be found by reference to available official publications; Standing order 17(5)(g)(ix) refers
Loretta  Joseph:
  • The answer can be found by reference to available official publications; Standing Order 17(5)(g)(ix) refers
Denis Pitcher – 2nd January 2 019 – 31st December 2019 – Remuneration and all benefits
Lydia R. Dickens t/a CB Limited – the answer can be found by reference to available official publications; Standing Order 17(5)(g)(ix) refers
Loretta Joseph – the answer can be found by reference to available official publications; Standing Order 17(5)(g)(ix) refers
Denis Pitcher – $9,034.12 per month or $108,409.40 for the period of the contract.