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MPFA blog - Enhancing the professionalism of the industry to add value to scheme members' contributions

MPFA Chairman Dr David Wong published his latest blog post today (7 July). He said that according to the latest MPFA figures, the number of MPF accounts had risen to almost 10 million at the end of 2018, an increase of 3% year on year, and each scheme member had accumulated an average of $186,000, a surge of 190% compared with 10 years ago.

Over the years, the MPF System has been growing steadily through cumulative small contributions from each scheme member. Total MPF assets rose from $15.7 billion1 during the inception of the System to close to $900 billion2 now. This is the result of both the defined contributions framework of the MPF System and the unique advantages of Hong Kong, including its sound international financial and legal system, and the professional practitioners in the financial services industry, which have helped facilitate the continued development of the MPF System.

He emphasized that the MPFA has continued to strengthen its supervison of the MPF industry. The three major types of service providers, trustees, investment managers and intermediaries, perform their duties to ensure the smooth operation of the System. Dr Wong mentioned specifically the MPF intermediaries, which represent about 30,000 practitioners. With the increase in MPF assets, their role is of growing importance.

As the intermediaries form the frontline staff in the sales of MPF schemes, the MPFA has been trying to enhance the quality of their service in various areas, including technical knowledge, governance and discipline. In 2018/19, the MPFA organized over 16 training sessions and industry talks for over 1,000 intermediaries to enhance their professional knowledge and further improve their service quality.

For the full version of the article, please visit the MPFA blog. The blog is in Chinese only.

-Ends-

7 July 2019


1. As at March 2001.
2. As at March 2019.

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Last Review Date: 05/07/2019