Industry backs delayed Employee Choice launch: legislate intermediary rules first

The government has shelved the MPF Employee Choice Arrangement launch, and Bank Consortium Trust managing director and CEO Ka Shi Lau calls the delay good news for MPF members: while employees want the scheme soon, legislating intermediary regulation to protect members matters more, and legislation also burnishes trustees’ reputations — hence industry support.

What is the real reason for the delay?

Waiting for better-crafted law and proper intermediary oversight. Lau noted the SFC, MPFA and HKMA have always regulated intermediaries; this legislative delay aims mainly at more complete lawmaking. Bank Consortium Trust plans 10% annual headcount growth and had hired for Employee Choice; despite the delayed rollout, those hires stay.

To follow the Employee Choice timeline, visit MPF fund comparison.