How Did Fidelity See MPF’s Coming Challenges?

What did Fidelity say in 2011?

In May 2011, Fidelity’s Kerry Ching told Asia Asset Management the biggest MPF challenge was Hongkongers’ still-low retirement-planning awareness — members had no habit of managing their MPF. Since MPF’s launch, Fidelity had promoted retirement savings and, as a leading provider, kept enhancing its offerings.

What challenges faced the industry?

Low member education and engagement were industry-wide problems; with semi-portability coming, trustees would compete on service, products and fees. Members can already compare providers’ fees and performance at MPF fund comparison.

How was Fidelity responding?

Widening its product range and boosting services so members have more choice under the choice arrangement.