Name-and-shame list for MPF-defaulter employers planned

The MPFA plans a blacklist: employers successfully prosecuted for defaulting on employees’ MPF contributions would be named online, so jobseekers can check who’s a rogue employer. The listing period — tentatively three or five years — is still under study.

Why publish the names?

Because every defaulter was convicted in court, so there’s no privacy issue — and naming them deters others. MPFA Chief Operating Officer Alice Yu said jobseekers deserve another way to check whether a prospective employer has a defaulting history.

Where is intermediary regulation up to?

A consultation paper is due by year-end, heading to LegCo next year. MPFA Chief Executive Diana Chan said unregistered intermediaries selling MPF to employees would be breaking the law — a hopefully strong deterrent. She noted insurers’ aggressive push into MPF this year raised mis-selling worries reminiscent of the Lehman minibonds saga — which is why the “MPF semi-portability” launch was put on hold.

Is semi-portability dead?

Delayed, not dead. The scheme due early next year was shelved while the government legislates intermediary regulation. Since September, MPF providers have been banned from offering gift rebates. Chan believes the MPF market is developing positively even without semi-portability.

To understand MPF intermediaries, visit the MPF education centre, or compare trustees’ services at MPF fund comparison.