Are Firms Liable When MPF Intermediaries Misbehave?

How did the 2011 government tighten intermediary oversight?

In 2011, the government tabled legislation to regulate MPF intermediaries ahead of semi-portability; firms could face joint penalties when their intermediaries mis-sold. The FSTB required companies to appoint a dedicated senior officer to supervise intermediary conduct, whose pay must not link to sales.

Why hold firms jointly liable?

Lawmaker Lee Wing-tat cited the Lehman minibond saga, fearing “the bosses escape punishment”; officials said negligent supervising officers faced disciplinary action.

How can workers protect themselves?

Don’t trust sales pitches blindly; compare fund fees and performance yourself at MPF fund comparison.