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Mandatory Provident Fund (MPF) intermediaries must be kept fully abreast of the latest developments in the MPF System to assist employers make necessary arrangements arising from the recent legislative changes.

MPF Schemes (Amendment) (No.2) Ordinance 2002, enacted on July 19, 2002, has brought about a number of administrative and operational changes to the System, including those relating to employers' contribution arrangements to streamline procedures. While some of these changes have become effective, others are intended to become effective on February 1, 2003.

Chief Operating Officer (Compliance) of the Mandatory Provident Fund Schemes Authority (MPFA), Ms Hendena Yu said, "These administrative changes to the System will make MPF more user-friendly to the participants. But employers will have to take note of the timeline and the new requirements to ensure a smooth transition. MPF intermediaries are the important interface between the trustees and their clients, having the responsibility to provide all necessary assistance and information for employers and scheme members."

Courses on the legislative amendments are currently being offered at the recognized institutions for Continuing Professional Development (CPD). Latest developments of the MPF System is one of the core subject areas under the CPD requirement.

The MPFA introduced the CPD Programme in January this year, and Caritas Adult & Higher Education Service, Financial Services Development Centre of Vocational Training Centre and Hong Kong Securities Institute were named recognized institutions to offer CPD core subjects. To meet the increasing demand for CPD training, the Management and Executive Development Centre of the Hong Kong Polytechnic University has recently been named the fourth recognized institution.

The CPD programme requires an individual MPF intermediary 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.

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.

The Guide to Continuing Professional Development for MPF Intermediaries, setting out the CPD requirements, can be downloaded from the MPFA's website at https://www.mpfa.org.hk/.

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2 September 2002