This article is a rewrite of a report from October 2012.
The Employee Choice Arrangement took effect on 1 November 2012 — and so did the statutory MPF intermediary regime. With over 30,000 registered intermediaries then, Fidelity’s Luk Kim-ping wrote a guide to their roles and six things to watch when being sold to.
How are intermediaries licensed?
Two tiers: firms and individuals. Firms must register as “principal intermediaries”; their employees or agents as “subsidiary intermediaries”, each tied to at least one principal. Both answer to the MPFA, HKMA, Insurance Authority and SFC. They generally don’t charge members fees or commissions directly.
What should you watch when being pitched?
Six essentials:
| Tip | What to do |
|---|---|
| Check registration | Look for the registration number, name and company on the card; verify on the MPFA’s public register |
| Understand pay | Ask whether the agent earns different rewards for different plans you pick |
| Know the product | Read the latest offering documents; demand a full explanation of plan and fund features |
| Suitability check | Before recommending any fund, the agent must assess your risk profile |
| Keep copies | Get copies of any forms the agent files for you |
| Sign and pay carefully | Never sign blank or incomplete documents; never pay agents in cash; make cheques payable to the trustee or plan |
What if something feels off?
Complain to the MPFA. If your intermediary breached conduct requirements — or you suspect unlicensed selling — complain to the MPFA, and check the Code of Conduct for Registered Intermediaries.
What is the lesson from 2012?
1 November 2012 was the watershed: before it anyone could sell; after it, only the licensed. Thirty thousand intermediaries sounds like a crowd, but the regime was never about numbers — it was those six tips: check the licence, ask about pay, demand assessment, keep copies. Still the anti-fraud basics today.
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