
Enforcement
Enforcement Statistics
The following are some statistics on the enforcement actions taken by MPFA for the period from 1 April 2019 to 31 March 2020.
Enforcement actions involving MPF trustees
- Total number of complaint cases MPF trustees: 246
*Since a complaint may cover more than one subject matter, the total number of subject matters of complaints may exceed the total number of complaints.
The MPFA imposed financial penalties on trustees for their failures to timely auto-preserve members’ accrued benefits, pay accrued benefits to member and report cases of non-payment of contribution surcharges to the MPFA.
- Financial penalty notices issued: 4
- MPF trustees penalized: 3
- Total amount of penalties:$ 1,520,000
Enforcement actions involving MPF intermediaries
Non-compliance
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Disciplinary Action
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Deviating from the standard set out in the Conduct Guidelines for identifying risk mismatch cases and failing to provide audit trail for its conversation with client in those cases
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Fined a Principal Intermediary $500,000
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Transferring a scheme member’s MPF benefits without authorization
Disclosing a scheme member’s personal information to a third party for impersonating the member and obtaining the member’s account information from an MPF trustee |
Disqualified a former Subsidiary Intermediary from registration for 10 months
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Asking clients to sign on incomplete forms, failing to keep record of clients’ instructions and to comply with Principal Intermediary’s procedures of conduct, etc.
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Issued advisory letters to seven Subsidiary Intermediaries and one Principal Intermediary
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Enforcement actions involving employers and scheme members
Criminal Actions:
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Civil Actions:
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Total amount of default contribution recovered:
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