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The MPFA reprimands and disqualifies LAM Chung Ho (LAM) from registration as an MPF intermediary for 13 years from 9 October 2025 to 8 October 2038 (both dates inclusive).  LAM was a former subsidiary intermediary¹ attached to an MPF principal intermediary², AIA International Limited (AIA)³. This is the most severe sanction imposed on an MPF subsidiary intermediary since the implementation of the statutory regulatory regime for MPF intermediaries in 2012.

The MPFA found that LAM (i) forged the signatures of four scheme members on the relevant MPF forms; and (ii) misused their personal information to improperly effect the opening of four MPF accounts and transfer the MPF benefits of three of the scheme members in their other MPF accounts to the newly opened accounts. LAM’s misconduct contravened the conduct requirements of acting honestly, fairly, in the best interests of the client and with integrity when carrying on a regulated activity as a subsidiary intermediary, 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 on the disciplinary sanction of the case, the MPFA took into account all relevant circumstances, including (a) the nature, seriousness and impact of LAM’s breaches; (b) LAM 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.

Ms Cynthia Hui, Chief Operating Officer of the MPFA, said, “Forging a client’s signature and misusing a client’s personal information are serious misconduct that are not tolerated under any circumstances. The MPFA considers the misconduct involved in this case to be serious and a violation of integrity. Therefore, a heavy sanction must be imposed for deterrent effect.”

Ms Hui added that the MPFA has issued a circular to all registered MPF intermediaries today (9 October), reminding them that the relevant conduct requirements must be complied with. The MPFA is determined to impose heavy sanctions to deter any serious misconduct.

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

– Ends – 
9 October 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. LAM (MPF Registration No.: 123880) was a subsidiary intermediary attached to AIA between 20 February 2020 and 18 August 2020.  LAM has ceased to be a subsidiary intermediary since 24 November 2020.}