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Information Centre

MPF Intermediaries

1
What are the roles of the MPFA on handling complaints related to intermediaries?

The MPFA attaches great importance to complaints lodged by the public and take this opportunity to regulate intermediaries’ conduct and their compliance. The MPFA is committed to handling your complaint seriously and will deploy our resources effectively to follow up your case to protect your rights as a scheme member or employer.

However, please note that the MPFA cannot interfere with intermediaries’ commercial decisions, intervene in matters which are concerning service quality only and are unrelated to MPF sales and marketing activities, or order compensations from intermediaries in respect of disputes between intermediaries and scheme members.

2
What will the MPFA do upon receipt of my complaint and what are the follow-up actions?

The MPFA will conduct an initial assessment of all the materials provided by the complainant in respect of the complaint against MPF intermediaries. If the complaint involves MPF sales and marketing activities, having considered the nature and the content of the complaint, the MPFA will handle your complaint according to the established procedures, including contacting you by phone or in writing within seven working days from the date of receiving your complaint, requesting you to provide any information related to the case in order to follow up your complaint.

Upon completion of the initial assessment, the MPFA will refer the case to the relevant frontline regulators (FRs) if the information reveals that the relevant intermediaries may be in breach of the conduct requirements. For any suspected non-compliance, FRs will review the information related to the case and consider initiating investigation against the relevant intermediaries if necessary.

After completion of the investigation by FRs, the MPFA will take into account the information obtained by FRs (including the representation made by the intermediaries concerned) in deciding what appropriate actions should be taken, such as a disciplinary order.

3
Has the MPFA set out any performance pledges in respect of the completion time for follow-up actions on the complaint cases related to intermediaries?

The MPFA has not set out any performance pledges in respect of the completion time for follow-up actions in handling complaint cases as the content and degree of complexity of each case varies. The MPFA endeavours to handle your complaint expeditiously as far as practicable. In general, the MPFA will update the complainant on the progress of the follow-up actions by phone or in writing at least once every two months.

4
How does a scheme member lodge a complaint on the marketing activities of an MPF intermediary?

If a scheme member thinks that an MPF intermediary has not complied with the conduct requirements, or suspects an unregistered intermediary is conducting unregistered marketing or sales activities, he or she can lodge a complaint with the MPFA by mail, telephone, fax, email, or in person.

Post: Level 8, Tower 1, Kowloon Commerce Centre, 51 Kwai Cheong Road, Kwai Chung, New Territories
Hotline: 29180102
Fax: 22598806
Email: mpfa@mpfa.org.hk
In person: MPFA offices

5
If an investigation by the MPFA confirms that an intermediary has not complied with the statutory requirements during marketing and sales, what disciplinary action will MPFA take? Will MPFA ask the intermediary to compensate his/her clients?

If an intermediary has violated the conduct requirements, MPFA can take disciplinary actions, including:

  • A public reprimand or reprimand;
  • Suspension of registration;
  • Revocation of registration;
  • Disqualification from re-registration within a specified period;
  • Fine (up to a maximum of $10 million or three times the profit gained or loss avoided due to conduct violation, whichever is higher).
The MPFA does not have statutory power to request an intermediary to compensate a scheme member for his/her MPF investment loss.

 



Last Revision Date: 30/10/2019