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The Management Board of the Mandatory Provident Fund Schemes Authority (MPFA) endorsed at its meeting today (Thursday) amendments to the Code of Conduct for MPF Intermediaries.

The amendments were made to strengthen the regulation of MPF intermediaries by imposing conditions on scheme registration and trustee approval and to incorporate the latest developments in the insurance industry by amending the definition of MPF intermediaries.

"The MPFA will continue to work closely with the existing regulatory authorities, namely, the Monetary Authority, the Insurance Authority and the Securities & Futures Commission on the supervision of MPF intermediaries." said the Hon. Charles Lee Yeh-kwong, Chairman of the MPFA.

"Starting February, these qualified MPF intermediaries will be approaching eligible employers and self-employed persons with approved Master Trust Schemes. It is important to have qualified MPF intermediaries giving accurate advice to employers and self-employed persons who will select suitable MPF schemes for their employees and themselves." added Mr. Lee.

The MPFA is close to completing the registration process for the first batch of over 20,000 applications and will be issuing the MPF intermediaries cards to these applicants by the end of January when the approval of around 40 Master Trust Schemes will also be completed.

– Ends –

13 January 2000