MPF Intermediaries Under “One Industry, Four Regulators”; 20,000 Must Be Licensed

MPF intermediaries number in the tens of thousands, and their regulation has long been criticised. From 2011, 20,000-plus intermediaries fall under a “one industry, four regulators” framework — no licence, no selling.

What is “one industry, four regulators”?

One industry overseen jointly by four regulators. MPF intermediaries come from insurance, securities, banking and other sectors, regulated respectively by the OCI, SFC, HKMA and MPFA. From 2011, unified requirements mean intermediaries must pass exams and ongoing training before selling MPF.

Why so strict?

Mis-selling has been rife. Some intermediaries churned members between schemes to earn commissions, eating returns; others gave poor advice from shaky qualifications. Unified regulation raises the bar and protects members.

What should members know?

Whoever handles your MPF must be licensed. Intermediaries will need licences to sell MPF or give MPF advice — members can verify licences and should never trust unlicensed pitches.