2018 MPF intermediary annual fees: HK$1,430 for principal intermediaries, HK$180 for subsidiary intermediaries

MPF intermediaries must pay an annual fee to the MPFA each year to keep practising. Under the fee schedule for 2018, intermediaries registered on or after 1 January 2018 fall into a first fee period running from 1 February to 31 December 2018, with the annual fee due on 1 March 2018 — HK$1,430 for principal intermediaries and HK$180 for subsidiary intermediaries.

2018 fee details

Principal vs subsidiary: what is the difference?

The nearly eightfold fee gap reflects the far greater compliance and supervisory burden on principal intermediaries.

What it means for workers

The real purpose of the fee regime is gatekeeping. Only intermediaries registered with the MPFA — and up to date with their fees — may lawfully sell MPF schemes or give related advice. Before accepting any MPF pitch, workers can verify:

• Check the register: confirm the intermediary’s registration on the MPFA website;
• Ask about their status: are they a principal or subsidiary intermediary, and which sponsor are they attached to?
• Keep a record: note the intermediary’s name, registration number and company for future reference.

An “intermediary” who has not even paid the annual fee should not be selling you any MPF product.

Action checklist

• Verify an intermediary’s identity on the MPFA register before accepting MPF advice;
• Note their registration number and sponsor;
• Report unlicensed selling to the MPFA.