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Legislation & Regulations

Circulars

Subject: Consolidation of MPF Personal Accounts Campaign
 
 
Circular: SU/CCI/2013/004
To:         All principal Intermediaries
 
Dear Responsible Officer,
 
I write further to our circular email dated 19 August 2013 regarding the consolidation of MPF personal accounts’ campaign.
 
The Authority is pleased to announce that this campaign will be launched on 24 September 2013. 
 
To assist certain scheme members to consolidate their multiple personal accounts into one by making a single application to the trustee of their choice, the Authority has developed a new form specially designed for this purpose entitled “Scheme Member’s Request for Account Consolidation Form [FORM MPF(S) - P(C)]” and a leaflet “How to Consolidate MPF Personal Accounts?”.  A copy of the form and the leaflet are attached for your reference.  Please share this information with your subsidiary intermediaries together with the presentation slides (also attached) which were used in the recent briefing to principal intermediaries.
 
Between September and December 2013, the Authority will send letters to approximately 180,000 MPF scheme members who hold 4 or more personal accounts to inform them of the actual number of personal accounts they hold and to encourage them to consolidate these personal accounts.  Attached to the letter will be a [FORM MPF(S) - P(C)] and a leaflet setting out details on how to consolidate their personal accounts.  In addition, publicity (including television, radio and print advertisements) will be rolled out in September and October to promote the campaign to the public.  District and other outreaching activities will continue to the end of the year.
 
It is envisaged that consolidation requests and enquiries from scheme members will be more prevalent in the coming months.  MPF intermediaries are reminded that when carrying out a regulated activity (inviting, inducing or advising a client to transfer from one registered scheme to another and / or to invest in a particular constituent fund within that registered scheme), they should comply fully with the provisions in the Mandatory Provident Fund Schemes Ordinance (MPFSO) and any subsidiary legislation under the MPFSO, and all Guidelines issued by the Authority.  Failure to comply may result in disciplinary action being taken by the Authority.
 
Should you have any questions about the contents of this letter, please do not hesitate to contact your case officer.  Further information will also be available from the MPFA website once the campaign has been launched.
 
Thank you for your attention.
 
Robin Gill
Head (Intermediaries)

c.c.   Hong Kong Monetary Authority – Mr Kevin Sham
        Securities and Futures Commission – Mr Sam Tung
        Office of the Commissioner of Insurance – Ms Shirley To

Last Revision Date: 17/10/2014