Why Would MPF Intermediaries Need Yearly Training?

What New Regulation Was Proposed?

After “semi-portability” was shelved last year, the MPFA considered legislating intermediary conduct, with the legislative framework going to LegCo early next month. Executive Director Yiu Kee-chung said administrative measures could not effectively supervise some 30,000 intermediaries or protect the public.

What Training Was Planned?

If enacted, intermediaries would get a two-year transition with mandatory training hours each year, replacing renewal every three years. The bill would cover conduct and penalties, up to licence revocation, with details still under discussion.

Who Would Regulate?

The existing three regulators — the HKMA, the SFC, and the insurance regulator — would supervise their licensed intermediaries, with the MPFA coordinating and receiving complaints. The MPFA kept pressing trustees to cut fees; the newest MPF schemes charged 1.6%, with room to fall further.