- MPFA
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MPF System
- Background
- Types of MPF Schemes
- MPF Coverage
- Enrolment and Termination
- Mandatory Contributions
- Voluntary Contributions / Tax Deductible Voluntary Contributions
- MPF Tax Matters
- MPF Account Management
- Withdrawal of MPF
- Arrangements for Offsetting Long Service Payment and Severance Payment
- Anniversaries of MPF System
- MPF Investment
- ORSO
- Supervision
- Enforcement
- eMPF Platform
Enforcement
MPF Intermediaries
- Your Position
- Homepage
- Enforcement
- MPF Intermediaries
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Common Offences
Common offences committed by MPF intermediaries (MPFI) include:
• impersonating scheme members to obtain their information from MPF trustees
• forging clients’ signatures and making unauthorized transfer of clients’ MPF
• providing inaccurate information to clients and using marketing materials which have not been approved by their principal intermediaries
• asking clients to sign on incomplete forms and failing to keep a record of clients’ instructions, etc.
Penalties
According to the MPFSO, if an MPFI fails to comply with any performance requirements when carrying on a regulated activity, MPFA may impose disciplinary orders against the MPFI, including:
• suspension or revocation of registration
• disqualification from registration
• public or private reprimand
• pecuniary penalty (a maximum fine of $10 million or three times the profit gained as a result of the failure, whichever is higher)
Unregistered selling
All individuals are required to register with MPFA as MPFIs before they can engage in MPF sales and marketing activities with prospective/existing scheme members. It is a criminal offence under the MPFSO to carry on or hold out as carrying on regulated activities without registration with MPFA. Offenders are liable to a maximum fine of $5 million and imprisonment for seven years.
