A local organisation representing insurance brokers in Hong Kong has criticised the government’s plans to reform MPF legislation, particularly the proposal that the city’s three regulators should share the responsibilities for monitoring intermediaries.

Eric Lee, secretary-general registrar at the Hong Kong Confederation of Insurance Brokers (CIB), says the body has submitted a five-page proposal document to FSTB last month which sets out its views on the proposals.

He has also criticised the period for public consultation as too short allowing only a month to respond.

In March, Financial Services and the Treasury Bureau (FSTB) suggested the Hong Kong Monetary Authority (HKMA), the Insurance Authority (IA) and the Securities and Futures Commission (SFC) should share responsibility for regulating MPF intermediaries, to facilitate the early implementation of Employee Choice Arrangement (ECA).

However, CIB suggests only one government body should responsible for regulating the MPF intermediaries activities as to minimise the misunderstanding and differences among MPF intermediaries and different regulators.

Lee explains different regulators may apply for different formats and different level of disciplinary for an issue which might cause confusion among MPF intermediaries.

The group suggests Mandatory Provident Fund Authority (MPFA) should take the solely responsibility for regulating MPF intermediaries in the future.