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Common improper acts of MPF intermediaries:
- failing to properly identifies themselves when making unsolicited calls to scheme members;
- failing to explain clearly to scheme members the contents and purposes of MPF forms signed by the scheme members;
- misusing scheme members’ information to effect transactions without the scheme members’ knowledge or consent;
- impersonating scheme members to call relevant scheme trustees to obtain scheme members’ account information;
- providing inaccurate or misleading information about MPF schemes or funds to scheme members;
- asking scheme members to sign on blank or incomplete forms;
- failing to provide copies of the signed forms or documents to scheme members after signing;
- failing to execute instructions promptly and accurately; and
- use or provide scheme members with marketing materials that have not been approved by the principal intermediary.
Smart tips for scheme members
- Check the registration record
When MPF subsidiary intermediaries (SIs) approach scheme members, they should produce a name card to introduce themselves and the principal intermediary (PI) to which they are attached. If scheme members have any doubts about their identities, they can check the registration records in the Public Register of the SIs and PIs.
- Give written instructions if possible
Scheme members should give written instructions to MPF intermediaries in order to avoid miscommunication and keep record of such instructions as proof in case of dispute.
- Choose suitable MPF products
Before deciding to join any MPF schemes or invest in any funds, scheme members must sufficiently understand the features of the products from the MPF intermediaries, especially if a guaranteed fund is involved. Scheme members should learn about the guarantee period of the guaranteed fund and the risks associated with the failure of the guarantor.
- Get familiar with MPF forms before signing
Scheme members should ask MPF intermediaries to explain the contents and purposes of any forms and documents before signing on them.
- Do not sign on blank forms
No matter what, scheme members should not sign incomplete/blank forms as this is not in their best interests to do so and may give rise to unauthorized transfers or other disputes.
- Obtain and keep copies of signed forms
Scheme members should ask MPF intermediaries to provide them with all copies of the forms and documents signed by them as soon as practicable and keep such records in case of dispute.
MPF Intermediaries Register
To check whether a person or a licensed long term insurance agency is registered with the Authority as an intermediary for carrying on regulated activities for a principal intermediary.
Please click Search for Subsidiary Intermediary
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