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The MPFA reprimands and disqualifies LI Siu Man (LI) from registration as an MPF intermediary for 8 months from 10 July 2025 to 9 March 2026 (both dates inclusive). LI was a former subsidiary intermediary¹ attached to an MPF principal intermediary² Manulife (International) Limited (Manulife)³.

The MPFA found that LI had failed to promptly carry out the instructions of a client to enrol in an MPF scheme as an employer. LI’s misconduct contravened the related internal policy and guidelines of Manulife, as well as the conduct requirements of exercising a level of care, skill and diligence that may reasonably be expected of a prudent person who is carrying on the regulated activity as stipulated under the Mandatory Provident Fund Schemes Ordinance and the Guidelines on Conduct Requirements for Registered Intermediaries.

The case was referred to the MPFA following an investigation by the Insurance Authority.  In deciding the disciplinary sanction of the case, the MPFA took into account all relevant circumstances, including (a) the nature, seriousness and impact of LI’s breach; (b) LI has no previous disciplinary record with the MPFA; and (c) the need to send a strong deterrent message to the industry that the MPFA will not tolerate such misconduct.

A copy of the Statement of Disciplinary Action is available here.

– Ends – 
10 July 2025

_{1. A subsidiary intermediary is a person registered by the MPFA to carry out MPF sales and marketing activities and to give regulated advice on behalf of a principal intermediary to which the person is attached.}

_{2. A principal intermediary is a business entity registered by the MPFA to engage in conducting MPF sales and marketing activities and giving regulated advice.}

_{3. LI (MPF Registration No.: 136363) was a subsidiary intermediary attached to Manulife between 3 September 2020 and 9 November 2023.  LI has ceased registration as a subsidiary intermediary since 19 February 2024.}