Intermediary rules not ready: MPF semi-portability delayed

The MPFA had planned to launch MPF “semi-portability” next year, but the government says law-making to regulate intermediaries — plus consultation — forces a delay, with no new timetable yet.

Why the delay?

Investor protection first. Financial Services and the Treasury Bureau deputy secretary Leung Fung-yee said the government will consult late this year or early next on tougher intermediary oversight and on clarifying the roles of the HKMA, Insurance Authority and other regulators. Consultation and legislation take time, so the semi-portability launch date is unknown.

What is semi-portability?

Employees choose their own providers. Under MPF “semi-portability”, employees can choose the intermediary and investment institution for their own contribution portion, rather than leaving it entirely to employers — aiming for better service and lower fees for workers.

To prepare before semi-portability arrives, visit MPF fund comparison to compare provider fees.