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The Mandatory Provident Fund Schemes Authority (MPFA) has embarked on a review of the disclosure of fees and performance of MPF Funds (the Disclosure Project) to increase transparency and to enhance understanding of MPF products among scheme members, enabling them to make effective MPF investment decisions.

Speaking at a luncheon meeting today (Thursday, 18 September), the Executive Director (Investment Regulation) of the MPFA, Mr Darren McShane, said the Disclosure Project is a proactive initiative taken by the MPFA with the objective of providing MPF scheme members with clear and easy-to-understand information which will help them make informed and effective MPF investment decisions. 

"The Disclosure Project is initiated by the MPFA to enable scheme members to have more information about MPF products to help them to exercise their rights and responsibilities as consumers and investors in making investment decisions."

Mr McShane pointed out that discussions with the industry on the Disclosure Project started in late 2002. 

"We are now working together with the industry to develop detailed proposals.  The proposals are being developed considering international practices, but adapted to meet local needs.  We are also consulting other interested parties."

The MPFA plans to develop concrete proposals by the end of this year.  Public education programmes will be developed to promote investment understanding among MPF scheme members and the wider community, as well as to educate them on their rights and responsibilities as consumers and investors.


End/Thursday, 18 September 2003