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MPF System

On-going monitoring

As regulator of the MPF System, MPFA monitors MPF trustees to ensure their compliance with the MPF legislation and to facilitate early detection and correction of errors and deficiencies.

All MPF trustees are required to regularly lodge returns, financial statements and internal control reports with MPFA. MPFA conducts field inspections of trustees and investigates cases of suspected non-compliance as they arise.

If trustees have failed to comply with the MPF legislation, depending on the nature of the failure, they may receive a warning from MPFA or be imposed with financial penalties, and be ordered to take immediate remedial action.

In case of serious breaches, MPFA can take other actions against non-compliant trustees in accordance with the MPF legislation. For example, in a case where MPFA reasonably suspects that the trustee is unable to carry out any of its duties as an approved trustee, MPFA may suspend the trustee from administration of the MPF scheme and appoint an administrator to administer the scheme on a temporary basis. If MPFA is satisfied on reasonable grounds that the trustee of a scheme is unable to carry out any of its duties as an approved trustee, MPFA may revoke the approval of the trustee. Prosecution action may also be taken against non-compliant trustees.

Last Revision Date: 06/07/2015