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The MPFA has suspended the registration of WONG Wing Fat as an MPF intermediary for 7 months from 1 February 2023 to 31 August 2023^1.

The MPFA found that from January 2018 to September 2019, when WONG invited or induced an MPF scheme member to transfer the scheme member’s MPF benefits from an MPF scheme to another scheme, he 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.  He also contravened the Guidelines on Conduct Requirements for Registered Intermediaries⁴ and failed to comply with the internal policy and guideline of his principal intermediary⁵. The key facts of WONG’s misconduct are summarized as follows: 

(1) WONG disclosed the scheme member’s personal information to a third party and arranged the third party to impersonate the scheme member in calling an MPF trustee to obtain the scheme member's account information;
(2) WONG failed to ensure that three MPF forms were duly completed before asking the scheme member to sign on them; and
(3) WONG 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 WONG’s breaches and that he 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.

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1. WONG (MPF Registration No. 099927) has been a subsidiary intermediary attached to Manulife (International) Limited since 9 August 2012.

2. Section 34ZL(1)(a) and (b) of the MPFSO.

3. A subsidiary intermediary is a person registered by the MPFA to carry out MPF sales and marketing activities and to give regulated advice on behalf of a principal intermediary to which the person is attached.

4. The Guidelines provides that an MPF intermediary should:

  (a) ensure that any form to be signed by a client is duly completed in all material respects before asking the client to sign on it.  Any alterations to the completed form must be initialed by the client or, where it is not practical to do so, otherwise authenticated as representing the client’s instruction.  A copy of the form should be provided to the client as soon as reasonably practicable (paragraph III.3);

  (b) should treat all information supplied by a client as confidential, must not disclose or use such information except as permitted at law, and avoid any misuse of the personal information obtained in the course of its business activities (paragraph III.9); and

  (c) comply with the controls, procedures and standards of conduct as required by his principal intermediary (paragraph III.20).

5. A principal intermediary is a business entity registered by the MPFA to engage in conducting MPF sales and marketing activities and giving regulated advice.