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To meet the demand for Continuing Professional Development (CPD) training for some 28,000 Mandatory Provident Fund (MPF) intermediaries, the Mandatory Provident Fund Schemes Authority (MPFA) today (18 June 2002) named the fourth recognized institution to offer core CPD subjects for MPF intermediaries.  The newly recognized institution is Management and Executive Development Centre of the Hong Kong Polytechnic University. 

Chief Operating Officer (Compliance) of the MPFA, Ms Hendena Yu said the CPD programme introduced in January this year aimed to ensure MPF intermediaries keep abreast of the latest developments of the MPF System and enhance their knowledge and skills so that they could carry out their duties competently and professionally.

“Non-compliance with the CPD requirement can result in an intermediary having to surrender his intermediary card and have his name removed from the MPF Intermediaries Public Register,” stressed Ms Yu.

Both corporate and individual intermediaries have to comply with the CPD requirement.  Apart from ensuring that their individual intermediaries comply with the CPD requirement, corporate intermediaries are also required to report in their annual return to the MPFA whether their individual intermediaries have met the requirement. For individual intermediaries, they are responsible for reporting the attainment of CPD hours in the preceding year to corporate intermediaries.

According to the CPD programme requirement, an individual MPF intermediary has to undertake a minimum of 10 hours of CPD activities in each calendar year, with at least 20 per cent to be devoted to core subjects which include MPF or related legislation, relevant codes and guidelines, as well as the latest development of the MPF System.  Credits for core subjects can be gained by attending courses offered by the institutions recognized by the MPFA.

The other three recognized institutions are Caritas Adult & Higher Education Service, Financial Services Development Centre of Vocational Training Centre and Hong Kong Securities Institute.

For more information on the MPF CPD programmes offered by the four institutions, MPF intermediaries can call their hotlines or visit the respective websites. The Guide to Continuing Professional Development for MPF Intermediaries, setting out the CPD requirements, can be downloaded from the MPFA’s website.

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18 June 2002