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The Mandatory Provident Fund Schemes Authority (MPFA) will soon complete its latest round of on-site visits on the 20 approved trustees operating MPF business.

Reviewing the results of its third and fourth rounds of inspections, MPFA’s Executive Director (Services Supervision), Mr Raymond Tam, said today (October 25) that the Authority was satisfied with the competency of the trustees in operating their businesses from December 1 this year.

He said that the Certificates of Approval issued to the trustees in October last year were subject to a condition that the trustees must be fully ready for the implementation of the MPF System from December.

“In the last few months, the MPFA has been conducting on-site inspections of the trustees to ascertain their readiness in conducting their MPF business,” Mr Tam said.

The third round of inspection was carried out from July 5 to September 15 while the fourth round started on September 26 and will last until the end of October.

“In the course of these inspections, we have come across certain cases relating to staffing and systems that required our intervention,” he said. 

“However, no major problems have been detected and we will follow up these minor issues to ensure improvements are made,” he added.

He pointed out that during the inspections, MPFA officers had reviewed a wide range of areas to assess the competency of each trustee.

The MPFA audited each company’s financial strength, staff strength, computer systems (particularly the scheme administration system), customer service facilities, complaint handling procedures, supervision of intermediaries and other service providers, office space, procedure and compliance manuals and disaster recovery plans.

After each visit, the Authority provided feedback to the trustees on areas that required improvement and then followed-up with the trustees to ensure appropriate actions were taken expeditiously.

“We will continue to monitor the operation of the approved trustees to ensure that they comply with all the statutory requirements at all times and that they carry out their fiduciary responsibilities properly and act in the best interest of the scheme members,” Mr Tam stressed.

The following is a full list of the 20 approved trustees:

Aetna Trust Limited

American International Assurance Company (Trustee) Limited

AXA China Region Trustees Limited

Bank Consortium Trust Company Limited

Bank of Communications Trustee Limited

Bank of East Asia (Trustees) Limited

Bermuda Trust (Far East) Limited

BOCI-Prudential Trustee Limited

Butterfield Trust (Hong Kong) Limited

CEF Lend Lease Trustees Limited

China Life Trustees Limited

Cititrust Limited

CMG Asia Trustee Company Limited

HSBC Provident Fund Trustee (Hong Kong) Limited

Manulife Provident Funds Trust Company Limited

MassMutual Trustees Limited

Pacific Century Trustees Limited

Principal Trust Company (Asia) Limited

Royal Bank of Canada Trust Company (Asia) Limited

The Tai Ping Trustees (H.K.) Limited

– Ends –

25 October 2000