MPFA orders Chung Sui-ying be disqualified from being registered as an MPF intermediary for 20 months
The Mandatory Provident Fund Schemes Authority (MPFA) has disqualified Chung Sui-ying from being registered as a Mandatory Provident Fund (MPF) intermediary for 20 months from 17 May 2018 to 16 January 20201.
The MPFA found that when Chung invited an MPF scheme member to transfer the scheme member's accrued benefits from one MPF scheme to another in or about September 2015, she had contravened the conduct requirements of acting honestly, fairly, in the best interests of her client, and with integrity under the Mandatory Provident Fund Schemes Ordinance (MPFSO) and the Guidelines on Conduct Requirements for Registered Intermediaries2.
The key facts of Chung's misconduct are that, in order to effect the transfer, she falsified an MPF form3 by:
- using the scheme member's personal information without the member's authorization; and
- photocopying the member's signature onto the form.
The MPFA considers falsifying documents and a client's signature to be a very serious and dishonest act. Chung's act was deliberate and exhibited a lack of integrity. This falls short of the public's expectation of an MPF intermediary.
In deciding on the disciplinary order of disqualification, the MPFA took into account all the circumstances of the case, including the fact that Chung has made a frank admission and has no previous disciplinary record with the MPFA.
The case was referred to the MPFA following an investigation by the Insurance Authority.
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17 May 2018
1. Chung was attached to Sun Life Hong Kong Limited before she was de-registered as a subsidiary intermediary on 8 April 2016.
2. Section 34ZL(1)(a) of the MPFSO provides that when carrying out a regulated activity, an MPF intermediary must act honestly, fairly, in the best interests of the client, and with integrity. Paragraph III.9 of the Guidelines provides that an MPF intermediary must treat all information supplied by a client as confidential, must not disclose or use such information except as permitted by law, and must avoid any misuse of the personal information obtained in the course of its business activities.
3. It was a Scheme Member's Request for Fund Transfer Form.