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Enforcement

Enforcement Alerts

Crime syndicates inducing scheme members to make false MPF claims

The MPFA alerts MPF scheme members to be vigilant against unsolicited calls from suspected crime syndicates that offer to help them make early withdrawal of MPF benefits by inducing the scheme members to make false statements, in return for a commission fee or handling charge.

Typically, the caller claims to represent a finance company and offers to help the scheme member apply for early withdrawal of MPF benefits by inducing the member to make a false statutory declaration on the ground of permanent departure from Hong Kong. The syndicate's commission fee or handling charge is usually based on a percentage of the amount of MPF benefits withdrawn by the member.

The MPFA reminds scheme members that making a false declaration is a criminal offence that is punishable by imprisonment and a fine. The MPF is a saving scheme for retirement, and withdrawing MPF benefits early will have an impact on the member's savings for retirement.

The MPFA maintains close contact with the Police and MPF trustees and will continue to work with them to combat such crimes. Further, scheme members are reminded not to disclose personal information to any unknown third party.


Possible improper acts and practices by MPF Intermediaries

Scheme members should stay alert from the following possible improper acts and practices by Subsidiary Intermediaries (SI):
  1. misuse scheme member’s personal information obtained at the meeting in the promotional booth or other occasions for unauthorized transfer of the member’s MPF;
  2. fail to explain clearly to a scheme member the contents and purposes of the various MPF forms that the scheme member had signed during meetings with the SI. As a consequence, some transfers not intended or authorized by the scheme member are done;
  3. conduct fraudulent acts when handling MPF forms of a scheme member, such as falsifying documents, forging the member’s signatures, using member’s information previously obtained for another transfer, submit the forms without the member’s authorizations;
  4. impersonate a scheme member to call the approved trustee of MPF scheme to obtain the member’s account information for the purpose of effecting MPF transfer;
  5. impersonate the representative of government agency or public body (e.g. staff of the MPFA) when approaching a scheme member;
  6. provide inaccurate or misleading information about an MPF scheme or constituent fund to a scheme member;
  7. allow a scheme member to sign on blank or incomplete form without clearly explaining the contents and purposes;
  8. fail to provide copies of signed forms or documents to a scheme member after signing;
  9. fail to execute a scheme member’s instruction promptly and accurately or to alert the scheme member of any delay in execution as soon as possible; and
  10. use or provide marketing materials to a scheme member that have not been approved by the principal intermediary.


Last Revision Date: 30/10/2019