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The MPFA welcomes the Government’s announcement today (29 October) that starting from 1 November 2021, the role of the Process Review Panel in relation to the Regulation of Mandatory Provident Fund Intermediaries (PRP-MPFi) will be expanded to cover the internal procedures and operational guidelines in respect of other core regulatory work of the MPFA, including registration and approval of MPF schemes, trustees and products; regulation of MPF investment and intermediaries; and matters relating to registration of occupational retirement schemes. To reflect its expanded ambit, the PRP-MPFi will be renamed as the Process Review Panel for the Mandatory Provident Fund Schemes Authority (PRP).

An MPFA spokesperson said that with the expansion of the PRP’s ambit, the MPFA looks forward to working with the PRP in the coming year and will continue to review and enhance its internal procedures and guidelines on a regular basis, taking into account the PRP’s suggestions, with a view to raising the efficiency of the MPF regulatory regime and safeguarding scheme members’ interests.   

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29 October 2021