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The MPFA has suspended the registration of LAU Pui-sze as an MPF intermediary for 6 months from 2 June 2022 to 1 December 2022¹.

The MPFA found that when LAU invited or induced an MPF scheme member to join or become a member of an MPF scheme and to transfer the scheme member’s MPF benefits from an MPF scheme to another scheme from March to June 2019, she contravened the conduct requirements under the Mandatory Provident Fund Schemes Ordinance (MPFSO)², including that when carrying on a regulated activity, a subsidiary intermediary³ must act honestly, fairly, in the best interests of the client and with integrity, and exercise a level of care, skill and diligence that may reasonably be expected of a prudent person who is carrying on the regulated activity.  She also contravened the Guidelines on Conduct Requirements for Registered Intermediaries⁴ and failed to comply with the internal policy and guideline of her principal intermediary⁵. The key facts of LAU’s misconduct are summarized as follows:

1. LAU impersonated the scheme member on two occasions in calling an MPF trustee to make enquiries about the scheme member’s account;

2. LAU failed to obtain the scheme member’s initials or authentication for the alterations made by LAU to a completed form;

3. LAU failed to ensure that an MPF form was duly completed before asking the scheme member to sign on it; and

4. LAU failed to provide copies of the signed forms to the scheme member.

In deciding the disciplinary sanction, the MPFA took into account all relevant circumstances, including the nature, seriousness and impact of LAU’s breaches and that she has no previous disciplinary record with the MPFA.

The case was referred to the MPFA following investigation by the Insurance Authority.

A copy of the Statement of Disciplinary Action is available here.

– Ends –

2 June 2022

_{1. LAU (MPF Registration No. 120808) has been a subsidiary intermediary attached to Sun Life Hong Kong Limited since 16 February 2017.}