How Did BCT Read the MPF Reform Delay?

How Did BCT Read the MPF Reform Delay?

Bank Consortium Trust (BCT), one of Hong Kong’s top five MPF providers, saw CEO Lau Ka-shi describe its mission as protecting, managing and safe-keeping members’ pension assets. As a leading trustee, its take on the reform delay spoke for the industry.

What did Lau Ka-shi say about the one-year delay?

The news was “a genuine surprise — we were not consulted or notified”. She expected intermediary conduct, supervision and the sales process to be regulators’ key focuses, with statutory backing a positive.

What worried the industry most?

How intermediary regulation and sales processes would change. Firms had already invested for semi-portability; the delay scrambled plans.

How can workers protect themselves?

Don’t wait for reform — compare trustees actively. Compare MPF funds on fees across providers.