Fidelity CEO admits breaking law

| 24/06/2020 | 160 Comments
Cayman News Service
Brett Hill, President and Chief Executive Officer of Fidelity Bank (Cayman)

(CNS): Brett Hill, the CEO of Fidelity, has said it has not been possible to meet the requirements of the amended Pensions Law, which allows members to take cash from their pension fund to help them through the COVID-19 crisis, because the company needed more time.

Hill said he expected to transgress the legislation at “least a 1,000 times” because it has not been possible to cash out the funds and pay people within the 45 days set out in the law.

Fidelity has around 11,000 members in its pension fund and over 3,000 of them have applied for the maximum withdrawal, which has been set at CI$10,000 plus 25% of the remaining balance for all private sector workers, Hill told the Public Accounts Committee last week.

Fidelity has come in for wide public criticism for failing to respond or responding late to applications. This compares poorly with much bigger funds dealing with many times the number of applicants, which have already doled out millions of dollars to applicants under the scheme designed to help people through the post-COVID lockdown.

But Hill, who was flippant about how many years he may have to spend in HMP Northward over the company’s failure to meet the payout deadline, said that Fidelity was using May’s figure to value the funds and that, combined with incomplete and illegible applications, made it impossible for the fund to meet the exact requirements of the law.

But the CEO also revealed that he had only three members of staff working on the applications until he managed to recruit more over the last few weeks. He also admitted that it was not until after the law was changed that he had engaged a local IT company to create an online platform for the withdrawals.

But he said that the money was beginning to go out now and by next month all applications made to date should be paid.

However, Hill made it clear to PAC that he objected emphatically to the mass withdrawal, describing it as illogical, adding that the bulk of the money would not be spent in Cayman.

He suggested that many people were withdrawing the money because pension payments are considered a tax and people do not want to wait until they are 65 years old to get it.

Hill also suggested that indications from government that the national private pension scheme could be overhauled and taken over by government was probably also fuelling the desire for people who are still being paid to take out their cash.

Although he accepted some people were in need of the money, he implied that the majority were not and that the country was likely to see a run on the sale of 70-inch TVs and new cars, but the bulk of the money would not be spent or re-invested in Cayman.

Hill said the premier’s estimate that this pension raid would generate around $500 million was probably accurate but most of that would not be spent here, as he said that people were “addicted to online shopping”.

While many of the major players in the pension market have adhered to the law, there have been complaints about some pension companies persist as well as concerns about employers who have failed to pay contributions.

All complaints about pension companies failing to adhere to the law should be reported to Amy Wolliston, the deputy director for pensions at the department of labour and pensions.

Email amy.wolliston@gov.ky or call 244-4030

See all PAC videos here and the questioning of Hill by PAC on CIGTV below:


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Category: Government oversight, Politics

Comments (160)

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  1. Anonymous says:

    I listened to the video and everything CNS wrote in the article
    Mr Hill said at the Public Accounts meeting

    Maybe you did not understand what he was saying, because it is hard to understand what he is saying- but he said what CNS wrote

    • Eric says:

      ‘If you can bear to hear the truth you’ve spoken
      Twisted by knaves to make a trap for fools.’

      He honestly couldn’t win. Miller criticised the pensions industry (not just Hill) for not speaking out about the legislation. When he does, he gets pilloried.

      Watch the video of the discussion in PAC. Make your own opinion. I know I’ve changed mine on the topic having watched it. Good on Hill for being honest and forthright. Surely we need more of that, not less? I say we applaud him.

  2. Anonymous says:

    Didn’t the government break the law by not providing a business plan and not keeping records of the Smith Cove fiasco.

  3. Anonymous says:

    There are problems all around take a look at Cayman National Interim Report for March 2020 their profits are down 31% compared to the same period last year

    You can view the report on their web site

  4. Anonymous says:

    This is probably the most biased article I have ever read on CNS. I encourage everyone to take the time to watch the video on YouTube. The debate between Hill, Ezzard and Saunders is a frank and informative discussion about pensions in general as well as the ill-conceived recent amendments to the law. far from the way CNS has spun this I think most viewers will form a different opinion if they take the time to watch.

  5. ANONYMOUS says:

    At the time of the 2008 financial crisis, a Warren Buffett quote was very applicable – “ you can’t tell who is swimming naked, until the tide goes out” – how far out is Cayman’s tide…….

  6. Anonymous says:

    “(14) An administrator who does not comply with subsections (9), (11) or (13) commits an offence and is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both.”

    • Anonymous says:

      If my money was there and it ends up that Fidelity can’t pay it out, that building going be the first protest location in Cayman!

      No jokes.

    • Anonymous says:

      That is only applicable in countries that enjoy the rule of law.

  7. Anonymous says:

    The Fidelity pension was a joke anyway. Longest bull market in history and even as a low risk investor, they still failed to meet targets. How is that even possible?

    • Anonymous says:

      Papa Trump was good to my pension like it or not!

      • Anonymous says:

        Don’t count on Papa Trump. He is about to gut your pension with something known as a tax cut. Oh you are so foolish you Trump supporters.

      • Hubert says:

        The upcoming Trump payroll tax cut will crucify your Social Security. How can Americans be so stupid?

  8. Anonymous says:

    Brett has a point to a degree. Some people see their pension as a tax and don’t realise that they are going to need that money way down the line for essential living costs – food, bills etc. Not the wave runner or jewelry they buying now.

    He’s just worded everything all wrong. Bad PR.

    • briggs says:

      why not make the Pension fund attractive???…..give back better rate then bank savings account…make it a place to keep your money, keep it increasing and keep it safe???

    • Anonymous says:

      Bad attitude more like. It’s the damn law, get it sorted, we don’t need opinions, just the service the law requires you to give, period.

    • Anonymous says:

      10.29am Down the line of 1000 pm that doesn’t cover bills and feed ya!

  9. Anonymous says:

    Imagine losing your job during Covid and then reading this. How does he know someone doesn’t need their funds? Not everyone’s life is an open book and he needs to mind his own business along with others who seem to have an opinion on persons financial situation.

  10. Anonymous says:

    No statement at all from the DLP, Premier, or Commissioner of Police..crickets

    I just don’t understand why these people are allowed to cower and hide when these situations are so blatant.

    Writing tickets for speeding and tint seem to be the most important crime these days..

  11. Anonymous says:

    CNS,can you enquire of the DLP, CIMA or Financial Crimes Unit for a statement on this situation and if they are doing an investigation.

    I know that as usual nothing happens but they should be put on record as to this situation. I think this is the first time in history that a CEO of a financial institution has come in to the Legislative Assembly and admitted that he has broken the law and will continue to flaunt the law.

    This will not look good on us internationally and doing nothing means that Cayman Government is complicit with allowing this company to continue to break the law.

    • Anonymous says:

      So, I have listened to his representations at the PAC meeting and he made some excellent points, some of which have been taken out of context.
      1. He has broken the law with respect to not being able to meet the 45 day deadline as he advised government from the beginning. He needed 60 days as many of the investments of the Fund are held in Europe and Asia and strike NAVs every 45 days so it was impossible from the beginning for him to comply. He was not suggesting he broke the law deliberately. The issue is government set a time frame he could not possibly meet.
      2. Many employers have stolen money from their employees by not making the contributions after deducting 5% from their pay cheque. This is what really needs investigating and prosecuting.Imagine being unemployed and needing money, only to find out your employer never made your contributions so there is nothing for you to withdraw. Name and shame those employers.
      3. He will continue to break the law because he has no choice. The investment money will not be available to the Fund until the NAV is caluclated. He cannot do anything about that.

      I urge you to listen to the meeting before you take a post from an armchair quarter back as the truth. A very frank presentation from Brett. Two thumbs up.

      • Anonymous says:

        1. Does not apply..the Law says 45 days and if the other Pension firms can make that deadline, why can’t his?

        2. It is the Pension Providers job to report non-payment by employers to the DLP.

        3.Ignorance of the law is no excuse..

        Two Thumbs down!

        • Anonymous says:

          If the law, passed this morning, said you had to walk on the moon tonight, would it be fair to call you a criminal when you fail to do so?

          Put your burning torch away until you know the facts.

          • Anonymous says:

            Bad analogy because it is currently impossible for any human being to get to the moon in one day. It is not impossible for Fidelity to deal with these payments; after all, Silver Thatch has.

    • Anonymous says:

      The Cayman Islands government allows (and in some cases facilitates) the breaking of many laws. Any company operating with a fronting arrangement is a clear example. Why exactly do you think there will be any difference this time? Because there are victims? There are always victims!

      And before this becomes a “bash Fidelity” exercise, there appear to be other pension providers who have not met their strict obligations. None of them appear to have had the integrity to openly admit it.

      The problems are with government. Crap Law. Crap implementation. Crap regulation. Crap oversight. Crap enforcement. Crap accountability. It is too late for the authorities to complain that there is gambling going on at the casino. Many in government have played the game of blackjack and have cashed in their winnings under their own special pension arrangements. It will be fun to watch their protestations and attempts to blame all on Brett. He is (ultimately) just the messenger.

  12. Anonymous says:

    Mary was a virgin and Jesus rode in on a donkey. Nothing to see here.

  13. Anonymous says:

    I pulled my funds long before the scamdemic, and that was nearly a years process. True ponzy scheme

  14. Anonymous says:

    While everyone is distracted and baying for Brett’s blood (because he chose to tell the full unvarnished truth) where is the regulator? Where is the action against ALL pensions operating in breach of the law? Where is the confirmation that everyone’s funds are safe? Where is the comparison of “exit fees between providers?” Where is the Comparative Performance of each fund over the last 10 years? Alden??????

    • Anonymous says:

      His truth, not mine. As far as I am concerned, the way he spoke about his customers is telling. Would you trust this man to manage your hard earned income? He is someone that testifies that he is in disagreement with the law and that he will continues to break the law.

      I may not like that the speed limit on Esterly Tibbetts is 40MPH but if I speed and do 65MPH the Police catch me on their radar, I am guilty of an offense and I have to pay the price for that..Can you imagine if I went into the courts and said I don’t believe in this law and I am not going to pay my ticket?

  15. Anonymous says:

    Here is a link to all of Fidelity’s Board members. Please write to them like I am doing to ask them to ask this gentleman to step down and appoint someone who will look after us, their customers and will not denigrate us publicly or contravene the Pension Law thinking he can do so without penalty. At least two of these are well known in the community, Jennifer Dilbert and Nick Freeland. If you see them in passing let them know how you feel about this situation. There credibility as board members are on the line particularly with their Pension Manager admitting that he has broken the law and will continue to break because he doesn’t believe it is the right thing..They must have some fiduciary responsibility for the company as board members..

    Where is our money Brett? Contrary to your belief the money is not yours or Fidelity’s.

    https://www.fidelitygroup.com/caymanislands/board-members

  16. Anonymous says:

    Guys, what’s a good way to invest the funds received? Maybe not the best forum for this question but asking anyways. Many thanks!

    • Anonymous says:

      Marijuana stocks in the U.S. People gonna need to chill with all the chaos.

    • Anonymous says:

      Open an online brokerage account…

      … or put it in your mattress.

      Both have a better return than some of the pensions here.

    • Anonymous says:

      Head over to CEC, they have a whole group of digital asset ponzi schemes on the go, I am sure they will be happy to take your money.

    • Anonymous says:

      I withdrew my funds from Pension to reinvest and to try and make up the loss of my wages that have been invested by pension managers. I find that Scotia and Butterfield do a good job with investments. I am sure there are others. Brett might be right that there are a few of us fortunate enough to not have to look to these funds right now to live off, but I am also thinking of the future and we have lost significant funds through pension investments which I would like to regain. But where Brett is wrong and he is living in a bubble, is how many are barely able to make ends meet, including his own staff from the sounds of it. Cayman is a remarkably expensive place to live and all it takes is something like Covid to cause even further hardship. Brett needs to get on with his job and comply with the law as soon as is possible. CIMA and the pension board should also be held accountable because they should have ensured he has sufficient resources in the first place to manage the number of pension funds. Anyway, Good luck with your reinvestment.

      • Anonymous says:

        10.57am How did you withdraw all your pension? I was informed that only allowed 1000 pm and if wanted to withdraw all, would have to leave for two years!!???

        • Anonymous says:

          Sorry I didn’t say I withdrew all of my pension funds. I withdrew what I was allowed to under the law.

      • Anonymous says:

        Banks pay 1990 level wages .

    • Anonymous says:

      Depends on your objectives… I would go with agriculture something that will keep up with inflation and pay a decent dividend

  17. Anonymous says:

    Cayman CrossTalk/Woody needs to do a show on this and expose what is going on here with these Pension companies.

    How are they allowed to go before the PAC and say that they have and will continue to flaunt the law..This is absolutely absurd!

    Where is the DLP, the Police, Financial crimes units.

    • Anonymous says:

      Yeah – there you go. Cayman Cross Talk/Woody. Bwah ha ha ha ha…. If you get your news from there you are already beyond redemption. Ha ha ha. I’m wiping my tears from laughing so hard. Just hilarious.

  18. Anonymous says:

    This is interesting and straight of the Fidelity website..Things that make you go hmmm..

    Change of Ownership & Pension Withdrawals

    On 31 December 2019 Fidelity Bank (Cayman) Limited sold its 100% interest in Fidelity Pension Services, which administers the Fidelity Pension Plan, to RF Holdings.

    Although payment of pension contributions can still be accepted by the Bank, we cannot answer or handle any queries as it relates to a member’s holdings in the Plan.

    Queries should be addressed to: pension@fidelitycayman.com or logon to Royal Fidelity Pensions

    • Anonymous says:

      …and they “administer internally”, which is the next red flag. Where is PWC? Where is the Fidelity Board?

      • Anonymous says:

        Who else beside Fidelity would administer the Fidelity Pension Plan?

        Pretty sure Des Kinch at OAM manages at least some of the assets but the admin is done by Fidelity Pension Services as you know that is what they do…

        Investment management is different than the admin.

  19. Anonymous says:

    Fair comments by Mr Hill. I don’t need the money but took out the maximum. Why didn’t everyone? Still doesn’t excuse what appears to be extremely poor handling of claims by fidelity vs others, notably Silver Thatch.

    • banon says:

      There is no accountability in the private sector. In the civil service if you break the law you are prosecuted. How things have changed.

      The civil service has become world class and the private sector can’t even manage a pension fund.

      The public service pension fund is well run and well managed.

      Advice to private sector pension administration hire a civil servant to run your pension plan.

      • Anonymous says:

        But these plans and providers have been approved by CIG so they still have to answer to the regulator. Why the regulator isn’t looking into various crimes that these providers have been accused of in this process you can guess…does it have something to do with a conflicted relationship regarding appropriation of abandoned (likely expatriate) accounts? Perhaps a coverup to protect the reputation of Cayman’s financial industry?

      • Anonymous says:

        99% of the time, if you break the law in the civil service, you are suspended on full pay for at least a year before the case is dropped due to a lack of effort. Then, after the paid holiday, you can swan back in and pick up where you left off doing nothing.

    • Pension FUN says:

      Come on private sector. You do everything bigger and better that the public setvice. Yeah, what a mess. Pensions Poorly run with high fees and zero retuns. Mothing to see here. Keep moving. We need one pension fund. Let’s have one super hedge fund. Cayman super hedge fund.

    • Anonymous says:

      6.15 pm Cos only allowed 1000 per month! And with if all withdrawing when do not need it, be lucky if get 1000 from now on! Your money – do not be or become a Caymanian, work in private sector and 1000 a month! And no free mask! UGH!

    • Anonymous says:

      Hill’s unsolicited opinions shouldn’t factor at all in what’s not transpiring at Fidelity. Fidelity had months to prepare for pension withdrawals proposed in March. 10% cash was all they really needed to raise, and they still failed knowing the dealine was approaching. What don’t we know? There need to be controllers appointed by the Pension Board (Scott Eliphinstone and Nick Freeland?!?) and the FCU needs to get in there. Who is the administrator? Who are the auditors?

  20. Anonymous says:

    CNS can you please post the link to Brett Hill’s speech to Public Accounts Committee so we can all hear what he had to say

    CNS: I’ve put the video at the bottom.

  21. Anonymous says:

    Brett Hill has admitted to some of the failures of his leadership. He should now do the right and honorable thing and resign. It is important for Fidelity to get a clean start with leadership that enjoys the confidence of the staff and customers alike.

  22. Mike finlay says:

    All the people working in cayman working hard so if you have right to the pension is because this government always help his people,so if I wanna buy a car ,a tv is my business, thanks god don’t is my case but I need my money because is my moneyyyyyy,so the new pension plan direction have any right to manage my money,so I don’t care if the pension have problem is my money ,I dont working for you you work for me because you use my money ,so whit all your respect,do you job.thanks

    • Anonymous says:

      Please don’t apply for any vacancies in banks, or pension companies, with that grammar and punctuation.

      • Anonymous says:

        That person may very well be your gardener or helper etc trying to express themselves. So let’s look beyond that please because most likely it is not someone who are in such jobs or can apply for them. Let’s cut through the grammar issues and listen to their point of view.

    • Anonymous says:

      Please do not rely on any government support in your retirement. If you choose to squander your retirement funds the rest of Cayman should not bear the burden of supporting you.

      • Anonymous says:

        At $1k a month most people would be on the governments tab at retirement in any case..What can $1k pay for, water and CUC and maybe part of the mortgage..

        Most people have little or no savings now because of the high cost of living and having to live paycheck to paycheck.

    • Anonymous says:

      I hope government will get rid of pension and ofreg

  23. Anonymous says:

    Wasn’t this Webb and Canover’s bank of choise?

  24. Anonymous says:

    #brettisright

    • Anonymous says:

      Who cares if he’s right? People can do anything the law allows them to do and if Fidelity can’t abide by the law, then it/he should face the repercussions.

  25. "Anonymousir" says:

    after retirement, your only allowed 12k a year when you go for your pension. That is only $1000 a month. Can you survive on that? perhaps more people would have left it there if you could get your complete pension or even 50% of it when you retired … but tell that to these pension jockeys!

    • Anonymous says:

      And if you die the funds go to your beneficiary – when that person retires.

      • Anonymous says:

        What a joke…. When u die it goes to next of kin…. Only a Law written by Tara…. Tara how’s your landmark legislation… Looks worthless huh no more roadshows. Let’s get some new people in LA to do away with these plans

    • Anonymous says:

      The $12K limit is not the pension funds doing, thats governments bright idea

    • Anonymous says:

      Pull out your funds to the limit established by this temporary program and reinvest as a voluntary contribution. The withdrawal limits at retirement do not apply to voluntary contributions, if I understand correctly.

  26. Anonymous says:

    The whole pensions industry is a skimming scam. You put money in … the manager, administrator, broker all take a fee. Every year whether performance is good or bad, the manager and the administrator take a fee. If the asset classes go out of sync with the pension plan’s asset class restrictions, assets need to be bought and sold = more fees and commissions all deducted from your account. You reach a certain arbitrary age (irrespective of market conditions or prudent investment management) assets are bought and sold to ‘manage the risk’ = more fees being deducted from your account. You get to retirement … and all you can get is a 12k for the year …. and guess what …. each year, yep, the manager, the administrator and brokers are still deducting their fees from your account.

    Worst still the pensions industry is basing all of its calculations on how to manage assets on information from the 1970s and 1980s when bonds carried interest rates of 5-10%. The whole basis of the world’s economy has now changed with bailouts / stimulus packages now keeping interest near 0%. This means pension funds investing in bonds … as they are required to do by law … are buying loss making and virtually worthless assets. The governments of the world know this but allow it to continue because they need zero interest rates to be able to borrow billions to pay for everything today.

    If these pensions were not state sanctioned any rational private person would never invest in these schemes.

    • Anonymous says:

      Totally agree with you.
      Pensions are basically Ponzi schemes. But legal, because governments say so…

      • Anonymous says:

        Whilst I agree it’s utterly ridiculous to pay a pension firm 0.5% for 40 years to buy the index for you it’s equally ridiculous to call them ponzi schemes; CI’s private schemes are fully funded, not final salary/defined benefit; they only pay out what’s left in them.

        • Anonymous says:

          Hmmm, how is it then that Fidelity, with months notice, can’t redeem sufficient index ETFs to a meet a cash call of around 10% of the total plan portfolio…and they didn’t just realize that in the first 15 days (proclaiming the opposite to media), or the next 45, but now, and are trying to backdate value to an extrapolated, self-administered May NAV, dismissing their lie from the previous month. You don’t see anything wrong with this picture?

        • Anonymous says:

          And then somehow perform worse than the index even after adjustment for fees. All of a sudden they become stock pickers.

      • Anonymous says:

        Please look up the definition of Ponzi scheme before spouting nonsense.

        • Anonymous says:

          If they couldn’t meet T+3 on a 10% redemption, on their self-administered plan, with months notice, how are you so sure its not?

    • Anonymous says:

      Won’t be long before transparent AI takes over operations with block chain to make sure no funny business occurs.

  27. Anonymous says:

    He should resign in shame. The conduct and utterances and unbecoming and he has clearly demonstrated that he is not fit and ready for leadership.

    The other pension funds have been able to conform to the law so there is no reason, other than poor leadership and incompetence, why Hill should not be able to do the same.

    The government needs to ensure that the law is enforced and that Mr. Hill is able to get the penalties that he has been asking for.

    • Anonymous says:

      McKeeva didn’t resign in shame or without. He continues milking you and his trial was pushed back twice already.

      Besides, isn’t Fidelity a private enterprise?

      • Anonymous says:

        Fidelity is a private enterprise but that is no excuse to break the law..

        #itsMyMoneyAndIWantItNow!

        • Anonymous says:

          Cayman Laws baked faster than Domino Pizzas, but its enforcement is very selective.

          Have nothing good to say about Fidelity, based on my experience few years ago, but only CIG believes that cash would appear by the wave of a magic wand.

    • Anonymous says:

      Pretty sure that IF the pensions are still required in the future, NO ONE will be interested in choosing Fidelity as their pension provider.

      • Anonymous says:

        You are an over insulated from the truth, idiot.

      • Anonymous says:

        Or anything financial. The inconvenience of a one-time 10% cash redemption by 3000, is now a full plan 11,000 all wondering what is going on, and wondering if their pension assets are/were being used as a margin portfolio to prop the firm. It’s time for sirens, blue windbreakers, and outside controllers…this is not Fidelity’s money!

    • Anonymous says:

      Actually still waiting on Britcay been a week and more excuses

    • Anonymous says:

      The Board, comprised of Cayman Finance fixtures, should already have convened to fire him. It’s strange that hasn’t already happened. You get that grim impending doom feeling in your stomach like another headline fraud is about to hit the front pages.

  28. Anonymous says:

    One month ago:

    “…Concerns over the Fidelity pension fund have been dismissed by the president of Fidelity Bank (Cayman), Brett Hill, who told CNS on Monday that all valid applications made by its 11,000 members to take money out as part of the emergency withdrawal will be met.”

  29. Anonymous says:

    Regardless of the truth of Mr. Hill’s comments, if this is not just the truth, but also his truth, someone else should be doing his job. It is not good enough to condemn the system you run and say you’re off to prison for the job you’ve done. Not by a long, long shot, when it comes to mandatory deductions from people’s earnings, and their financial means in retirement.

  30. Anonymous says:

    Within the first 15 days, during the rumour-denying period, they were required to either establish a redemption request for their customer, query it, or deny it. 3000/15/3 = an average of 66 applications to review per day per employee in those 15 days. Totally doable. Now, 45+ days later, they are trying to back-peddle and backdate the transactions to a more preferable NAV for them. This isn’t Fidelity’s money! Further, there’s an admission of professional negligence, and investment fraud! The only thing they aren’t doing, is trying to cover it up anymore! Where is CIMA?!?

    • Anonymous says:

      He said they had to wait for MAY’s NAV – on what basis do you say he is committing fraud?

      I think they are just understaffed and have terrible customer service.

      If other pension administrators have used March or April NAVs rather than May for redemption requests made in May, that is what needs to be investigated.

      • Anonymous says:

        Any routine NAV should have been calculated, checked and triple checked by mid June. This was a cash call of around 10% of the plan, nothing more. It’s the end of June now. They either aren’t used to calculating monthly NAVs at all, or are moving things around to avoid a bigger headline. Neither of those are bullish for Fidelity. At minimum, the Board should have fired him for his comments to the press.

    • Anonymous says:

      Have you seen the applications? Imagine 3,000 documents completed by people who might not be used to filling in forms, not have bank accounts, not be that good with the written word, phone numbers that are out of credit, not answered… then think that 5 minutes per application is enough? Have you ever dealt with the public? BTW do you know what NAV the other funds used, has anyone asked them, have they commented?

  31. Anonymous says:

    He’s right about the TVs and the cars but that’s none of his business. Just get the money Brett. Sure you have it? I’m not.

  32. Anonymous says:

    Looks like CIMA can finally pursue an easy white collar case.

  33. Say it like it is says:

    The winners in all this as so often, are our civil servants who on full salaries,perks plus bonuses do not need a pension advance and will enjoy a unique inflation proof pension when they retire.

  34. Anonymous says:

    Another lesson in how the government can cause a run on a private company

    • Anonymous says:

      With a couple months notice, just 27% of plan members, were actioning a lawful one-time 30% partial redemption (about 10% of total pension assets). Instead of that being the problem, Brett Hill has (a) XXXX, (b) admitted ineptitude, (c) dares to be arrested, and (d) pulls the pin on confidence in the institution. Consequently Fidelity will be looking at 11,000 member and corporate partner requests to liquidate everything and transfer their pension savings to another institution. Fidelity’s Board, which includes senior Cayman Financial Industry professionals should be in full damage control mode

      https://www.fidelitygroup.com/board-members

  35. Anonymous says:

    Where is CIMA???

    They should be shut down immediately.

    • Anonymous says:

      Ci Ma nah? We nah see nuttin!

    • Anonymous says:

      We shoudld shut CIMA down?

      We have several plans not meeting the deadline and a host of other issues. Brett Hill was jsut a little more vocal in the PAC meeting.

  36. Anonymous says:

    If the pensions law was not so stupid to only allow 12k a year when you draw it, perhaps more people would have left it there.

  37. Anonymous says:

    This is rich coming from Mr. Hill, he relies on the full force of the law to enable his pension fund to operate and for people to pay into it monthly within 15 days of month-end, but complain that he has to follow the law and pay back funds within 45 days.

    It should also be noted that the industry was consulted, law makers then passed the law, then we had to wait for it to be gazetted before applications could be made. Fidelity therefore had a good 75 – 90 days to have made this happen by the deadline.

    People have been dragged before the courts for non-payment of Pension, it will be interesting to see if the Administrator is treated equally for noncompliance with the law.

    Over to you Amy, will the DPL bring action, or will you set a precedent by letting this go ignored?

  38. Anonymous says:

    Perhaps Fidelity could have paid out quicker if they had conveniently and fraudulently used a prior NAV date.

  39. Anonymous says:

    he’s right about 2 things – most of the money won’t be spent here, and most of those who took most of it didn’t need it in any sense of urgency. This will go down as one the most short sighted and ill thought out actions by the government ever

  40. Anonymous says:

    Something smells about this whole fidelity pension. The comments Hill made to the PAC were a deflection, it doesn’t matter if he disagrees with the law. The law is the law is the law and he must comply.

    • Anonymous says:

      What, like all the lawyers practicing Cayman law overseas (in the service of Cayman firms) without practicing certificates?

      • Anonymous says:

        2.37pm And support staff on work permits working from home overseas – have their permits been cancelled and jobs advertised.

  41. Anonymous says:

    Mr. Hill

    1. You claim you had only three members of staff working on the applications until he managed to recruit more over the last few weeks.
    The problem is you should have expected people would withdraw THEIR money. Not yours. This first point just shows how incompotent you really are.

    2. You then claimed that many people were withdrawing the money because pension payments are considered a tax and people do not want to wait until they are 65 years old to get it.
    That’s a very cynical view of the workforce here saying that everyone is going to just waste their money. I’d rather that money go into investments that actually do make money. Your pension plan is a garbage fire truthfully. The profits (or lack thereof) compared to what was originally invested is appalling.

    3. Then you decide to end your appalling response with this tidbit: indications from government that the national private pension scheme could be overhauled and taken over by government was probably also fuelling the desire for people who are still being paid to take out their cash.
    Hmmmm… this would only speak to the failure by yours and other pension plans to adequately provide safe harbor for long term pension investments.

  42. Anonymous says:

    Brett was being frank and honest. Traits too rare in today’s Cayman. I respect him for it.

  43. Anonymous says:

    CNS can you please ask Premier or Director/Deputy Director if they or the Auditor General will be looking into allegations that pensions are applying inappropriate withdrawal dates (dates prior to request) or otherwise changing withdrawal process (including portfolio pricing, haircutting, etc) to the detriment of withdrawing members?

    • Ansel T says:

      Excellently put. It will be curious to see how this ends, if the rules of compliance apply to all the same way. Brett’s answer is so typical of the affluent, far removed from the reality of the masses, to think that the average person is looking for a windfall just to splurge on TVs and Cars and lack the intelligence for basic financial planning and exercising common sense. His job is to obey the law not to judge the bank’s clients. Why not give financial advice instead of criticism? But alas it is the Fidelity way, the service, except for a few dedicated employees, sucks from top to bottom. Keep them accountable Cayman. Be safe.

    • Anonymous says:

      Could the Commissioner of police also be asked?

      He could also be asked why the police never investigate the theft of pension monies by employers.

      If he says the situation is stable, perhaps he could also be asked where his pension is.

  44. Anonymous says:

    If this story is an accurate reflection of Hill’s opinion of Fidelity customers he’s likely to become the Cayman Islands’ answer to Gerald Ratner (if you don’t know the story google it).

  45. Anonymous says:

    Well Fidelity is not the only one late in paying out. Silver Thatch (although most responsive) paid me 2 or 3 days past the 45 day deadline and BritCay paid me 6 days after the deadline using the April NAV.

  46. Anonymous says:

    one obvious rule that should be brought in going forward:
    if a fund does not meet it’s benchmark the adminsitrators do not get their fees.

  47. Anonymous says:

    no sympathy for them. they have mismanaged our pension acounts for years and been paid handsomely for it. now we get to take back what is ours….
    they are lucky thew whole pension scam is not outlawed.
    plus their customer service has been terrible for years regarding every aspect of their business.

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