Unethical and self-dealing ?pay to play? practices should result in the firing of Philadelphia-based Fiduciary Investment Solutions (FIS) and its CEO Tina Byles Poitevien as Government?s pension fund consultant, the Opposition Leader said yesterday.

Dr. Grant Gibbons? call followed an article in Friday?s Mid-Ocean News which described a lunch organised by Ms Poitevien and Tourism and Transport Minister Dr. Ewart Brown where invited guests ? about a dozen current or potential investment managers of Bermuda?s pension funds ? were allegedly asked to pay $2,500 each to Dr. Brown in order to attend.

?We no longer have any confidence that the financial advice received from Ms. Poitevien is in the best interests of the civil-servant beneficiaries or pensioners,? Dr. Gibbons said. ?The money she requested on behalf of Dr. Brown taints any recommendations she might have given the PFIC on the selection of investment managers.?

Dr. Gibbons also called for PFIC Chairman Calvin White?s resignation ?given other allegations of conflict of interest?.

And he said Finance Minister Paula Cox should launch a full independent enquiry into the management of funds under the PFIC.

Dr. Gibbons ? who is also the Shadow Finance Minister ? called for an immediate full-disclosure policy for current and future investment advisors or managers to prevent conflicts of interest or ?pay to play? practices.

?Full-disclosure policies are now considered best practice in public-pension-fund circles to protect pensioners? interests, and such a policy would also prevent the erosion of Bermuda?s financial reputation internationally,? he said. ?It would require that all hard and soft money transactions that occur between investment-fund advisors and investment-fund managers be disclosed publicly.

He said ?hard money? means cash payments that benefit consultants, advisors or those with influence, whereas ?soft money? includes perks like dinners, trips, gifts, favours or commissions to consultants, advisors or other influential people.

?This would include transactions with those who have direct or indirect influence over pension-fund management, including PFIC members and Cabinet Ministers,? he said.

?Because the PFIC is the direct responsibility of the Ministry of Finance and because its members are appointed by the Minister, only by taking these steps can Minister Cox restore confidence and credibility to her oversight of the PFIC.

?She is either part of the problem or part of the solution?.

Dr. Gibbons said Minister Cox should declare publicly whether she was aware of the alleged ?pay to play? activities of her Cabinet colleagues and Ms Pointevien.

?Ifso, did she find them acceptable?? Dr. Gibbons asked. ?If not, what action has she taken to eliminate the unethical practices and prevent further abuse??

Finance Minister Paula Cox said yesterday that she may respond to Dr. Gibbons comments in due course. However, she also said she may not.

Dr. Gibbons then called on the Premier to address the ?sleaze factor growing within his Government?.

Premier Alex Scott is off the Island until Wednesday, April 6, and was unavailable for comment yesterday.