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Fees in relation to MPF Intermediaries

(1) General


1
When will the revision of the level of fees in relation to MPF intermediaries be implemented?
The revision will take effect from 1 January 2018.
2
What is the revised level of the application and annual fees?
DescriptionFee Level
For registration as a PI$2,340
For registration as an SI$290
For approval of attachment of an SI to a PI$130
For approval as a RO$660
Annual fee payable by a PI$1,430
Annual fee payable by an SI$180


(2) Questions relating to annual fee


1
What is the chargeable period for annual fee?
For intermediaries registered before 1 January 2018, their chargeable period for 2018 is from 1 January to 31 December 2018 and the subsequent chargeable periods are each calendar year onward.

For intermediaries newly registered in 2018 or after, their chargeable period for 2018 is from the date of the registration to 31 December 2018 and the subsequent chargeable periods are each calendar year onward.
2
What is the due date for an annual fee?
A registered MPF intermediary must pay to the MPFA for every chargeable period within 1 month after the first day of the chargeable period.

For intermediaries registered before 1 January 2018, the due day for 2018 annual fee is 1 February 2018 and 1 February of each subsequent calendar year.

For intermediaries newly registered in or after 2018, the due day for 2018 annual fee is 1 month after their date of registration and 1 February of each subsequent calendar year.  For example, if the date of registration of an intermediary is 1 March 2018.  The due date for 2018 annual fee will be 1 April 2018.
3
Is there any reminder from the MPFA of the annual fee payment?
A payment reminder for annual fee will be issued to registered intermediaries (including those subsidiary intermediaries who do not have any principal intermediary being attached to) by email.

Intermediaries can also find their payment reminder after logging in their eService account.

According to the law, it is the duty of a registered intermediary to pay an annual fee every year to the MPFA.  Non-receipt of the payment reminder is not an excuse of late or non-payment of the annual fee.

Intermediaries should keep MPFA updated of their email address.
4
Which email address would the payment reminder be sent to?
Annual fee payment reminder will be sent to subsidiary intermediaries (individual) via their personal and business email address; and to subsidiary intermediary (insurance agency) and principal intermediaries via the email address of their contact person
5
Where can I find the details of the payment methods for annual fee?
Details of annual fee payment can be found in the payment instruction attached to the payment reminder. Intermediaries can find their payment reminder after logging into their eService account.
6
Where can I find the Remittance Slip for payment of annual fee?
The Remittance Slip for annual fee payment can be found at the bottom of the payment reminder issued to each registered intermediaries by the MPFA through email. Intermediaries can also find their payment reminder after logging in their eService account.

If additional fee is incurred, payment should be made based on the updated Remittance Slip issued to the intermediaries.
7
What payment methods are available for settling annual fees in relation to intermediaries? Can I make the payment by electronic means?
There are various electronic channels available for intermediaries to make annual fee payment. Electronic payment (Visa/ MasterCard, PPS and e-Cheque) through eService is highly recommended. Intermediaries can enjoy the benefit of saving input for the payment reference number (i.e. Payment Advice ID) and payment amount for these payment methods.

Other electronic payment methods outside eService, namely, on-line banking, PPS and e-Cheque are also available. Intermediaries can also make payment by paper cheque.

For details, please refer to the Online Demo in eService or the payment instruction attached to the payment reminder issued by the MPFA.
8
If I want to make payment for annual fee by credit card, what should I do?
Please get ready a Visa/ Master Card and have your mobile phone handy to receive the One-time password. Login to eService, click on the “Annual Fee Payment” button on the left menu bar, select payment method “Visa/ Master” and then follow the instruction on the screen. Please also refer to the Online Demo in eService or the payment instruction for making annual fee payment.
9
If I want to make payment for annual fee by PPS, what should I do?
Please login to eService, click on the “Annual Fee Payment” button on the left menu bar, select payment method “PPS” and then follow the instruction on the screen. Please also refer to the Online Demo in eService or the payment instruction for making annual fee payment.
10
What is the PPS Merchant Code of the MPFA?
The PPS Merchant Code of the MPFA is 6527.
11
If I want to make payment for annual fee by paper cheque, what should I do?
Please refer to the payment instruction for making payment for annual fee.

Please be reminded to affix sufficient postage on the envelope. Underpaid mail items will not be accepted and will be returned to the senders or disposed of by the Hongkong Post.
12
Is there any receipt after payment?
After clearance of the payment, an official receipt will be sent to subsidiary intermediaries (individual) via their personal and business email address; and to subsidiary intermediary (insurance agency) and principal intermediaries via the email address of their contact person.

Intermediaries should keep the MPFA updated of their email address.
13
What are the consequences if an MPF intermediary fails to pay the annual fee on time?
If an intermediary fails to pay the annual fee on time, the intermediary is required to pay an additional fee equal to 10% of the annual fee. If the intermediary still fails to settle the annual fee or additional fee, the registration of the intermediary may be suspended or even revoked.
14
Can I request for waiver of the additional fee imposed?
According to the law, if an annual fee is not paid after the due day, an additional fee equal to 10% of the annual fee must be paid. The MPFA has no discretion to waive the additional fee.
15
If a subsidiary intermediary is attached to multiple principal intermediaries, is he required to pay an annual fee in respect of each principal intermediary?
The subsidiary intermediary is required to pay only one annual fee for each chargeable period even though he is attached to more than one principal intermediary.
16
Should a subsidiary intermediary without being attached to any principal intermediary be required to pay for an annual fee?
All subsidiary intermediaries must pay an annual fee for a chargeable period when they are still under registration even though they are not being attached to any principal intermediary.
17
Should a subsidiary intermediary who has paid an annual fee for a chargeable period, be required to pay annual fee for the same chargeable period again after the subsidiary intermediary is attached to a new principal intermediary (without re-registration)?
Subsidiary intermediaries are not required to pay an annual fee again for the same chargeable period if they have done so after being approved to be attached to a new principal intermediary.
18
A subsidiary intermediary who had paid an annual fee for a calendar year, say 2018, but his registration was then revoked in April 2018. Subsequently, he is re-registered as a subsidiary intermediary on 1 July 2018. Is he required to pay an annual fee again?
According to the law, the obligation of registered intermediary to pay an annual fee for a chargeable period would arise in respect of each registration. Therefore, the subsidiary intermediary has to pay an annual fee for the chargeable period from 1 July to 31 December 2018 despite an annual fee for the chargeable period from 1 January to 31 December 2018 has been paid for his last registration.
19
For an intermediary registered in a chargeable period, say in December, is there any pro rata of the payment of the annual fee?
There is no pro rata of the annual fee payment even though the relevant chargeable period is less than a year.
20
If my MPF registration is revoked before the end of a calendar year, can I have a refund of the annual fee relating to my unregistered period in the year?
Paid annual fee is non-refundable.
21
Can principal intermediaries pay the annual fee on behalf of their subsidiary Intermediaries?
Principal intermediaries can make payment on behalf of their subsidiary intermediaries by making reference to the remittance slip provided by the MPFA to the subsidiary intermediaries.

The MPFA can provide facility to principal intermediary with significant number of subsidiary intermediaries to make annual fee on behalf of their subsidiary intermediaries. They can contact their Case Officers in the MPFA for further details.


(3) Questions relating to application fee


1
For applications received by the MPFA before the revision of the level of the relevant application fees taking effect (i.e 1 January 2018), will they be subject to the new level of fees?
Applications received by the MPFA before the effective date will not be subject to the new level of fees.
2
Should application fee be paid for an application received by the MPFA before the effective day (i.e. 1 January 2018) but approved after the effective date?
All applications received by the MPFA on or after the effective day (i.e. 1 January 2018) must be accompanied by an application fee.
3
What is the application fee for applications for registration as a subsidiary intermediary and approval of attachment of the subsidiary intermediary to a principal intermediary via Form INT-2 or Form INT-3?
The total application fees for the applications is HK$420 ($290 for application for registration as a subsidiary intermediary and $130 for application for approval of attachment of the subsidiary intermediary to a principal intermediary).
4
What is the application fee for application for approval of attachment of a subsidiary intermediary to a principal intermediary via Form INT-5?
The application fee for each application for approval of attachment of a subsidiary intermediary to a principal intermediary is HK$130 (i.e. for each of the subsidiary intermediaries named in sections III and IV of the form).
5
If an application is withdrawn in the application process, is it possible to apply for a refund of the paid application fees?
All the applications submitted to the MPFA must be accompanied by correct application fee. The application fee would not be refunded even if the application is withdrawn.
6
Can principal intermediaries make application fee payment for multiple applications by a single cheque?
Principal intermediaries may use a single cheque to cover the application fees for multiple applications provided that clear instruction is given. The information such as name of relevant principal intermediary and subsidiary intermediary, HKID no. of the subsidiary intermediary, should be provided with the name of the contact person and his contact number written on the back of the cheque.
7
Can I make payment for both application fee and annual fee when submitting application for registration as a subsidiary intermediary?
Annual fee is incurred only after registration of an intermediary. As such, annual fee should only be paid after registration and a payment reminder for annual fee payment will be issued to the intermediary thereafter.

Last Revision Date: 23/10/2018