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- Fee Comparative Platform (Phase I) launched by the MPFA today
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Fee Comparative Platform (Phase I) launched by the MPFA today
The Mandatory Provident Fund Schemes Authority (MPFA) today (13 July 2007) launched Phase I of the Comparative Platform on fees and charges of MPF funds on the MPFA’s website (www.mpfa.org.hk). Phase I of the platform would provide scheme members with information about fees and charges as measured by the average/highest/lowest fund expense ratio of the six main types of MPF funds, enabling comparison of fees and charges across different types of MPF funds.
A spokesperson for the MPFA said that the Comparative Platform will be launched in two phases, as amendment to Mandatory Provident Fund Schemes Ordinance (MPFSO) is required to empower the Authority to release the fees and charges of individual MPF funds provided by trustees publicly. Phase II of the platform, which will show the names and other detailed fee information about individual MPF funds, would be launched after the relevant legislative amendments are enacted by the Legislative Council. The bill was introduced into the Legislative Council on 27 June 2007.
"The Comparative Platform could serve the purpose of acting as an educational tool to facilitate scheme members to better understand fees and charges of MPF funds and make comparison across the funds. The first phase of the Comparative Platform which is launched today would provide the average/highest/lowest fund expense ratio of six main types of MPF funds including Capital Preservation Fund, Guaranteed Fund, Bond Fund, Mixed Assets Fund, Equity Fund and others."
The MPFA issued a Code on Disclosure for MPFA Investment Funds in 2004 to improve disclosure of information of MPF funds and enhance the transparency of fees and charges of the funds through the use of tools like the fund expense ratio. The Comparative Platform is another important initiative of the MPFA to improve the transparency of information about MPF funds.
The spokesperson said the MPFA had rolled out a MPF Investment Education Campaign since 2005 with the aim of enhancing scheme members' knowledge of MPF investments, and understanding the information made available under the Disclosure Code, such as fee table and fund fact sheet etc. when choosing a MPF fund or scheme. MPF scheme members were reminded of the importance of fees and charges when making MPF investment decisions, in conjunction with other information, including information about the risk profile of funds, their personal needs and stages in their investment life cycle and level of service provided by trustees.
END
Friday, 13 July 2007
A spokesperson for the MPFA said that the Comparative Platform will be launched in two phases, as amendment to Mandatory Provident Fund Schemes Ordinance (MPFSO) is required to empower the Authority to release the fees and charges of individual MPF funds provided by trustees publicly. Phase II of the platform, which will show the names and other detailed fee information about individual MPF funds, would be launched after the relevant legislative amendments are enacted by the Legislative Council. The bill was introduced into the Legislative Council on 27 June 2007.
"The Comparative Platform could serve the purpose of acting as an educational tool to facilitate scheme members to better understand fees and charges of MPF funds and make comparison across the funds. The first phase of the Comparative Platform which is launched today would provide the average/highest/lowest fund expense ratio of six main types of MPF funds including Capital Preservation Fund, Guaranteed Fund, Bond Fund, Mixed Assets Fund, Equity Fund and others."
The MPFA issued a Code on Disclosure for MPFA Investment Funds in 2004 to improve disclosure of information of MPF funds and enhance the transparency of fees and charges of the funds through the use of tools like the fund expense ratio. The Comparative Platform is another important initiative of the MPFA to improve the transparency of information about MPF funds.
The spokesperson said the MPFA had rolled out a MPF Investment Education Campaign since 2005 with the aim of enhancing scheme members' knowledge of MPF investments, and understanding the information made available under the Disclosure Code, such as fee table and fund fact sheet etc. when choosing a MPF fund or scheme. MPF scheme members were reminded of the importance of fees and charges when making MPF investment decisions, in conjunction with other information, including information about the risk profile of funds, their personal needs and stages in their investment life cycle and level of service provided by trustees.
END
Friday, 13 July 2007
