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The MPFA has disqualified WONG Chun Yin (WONG) as an MPF intermediary for 1 month from 19 July 2023 to 18 August 2023¹.

The MPFA found that, in around January 2020, when WONG invited or induced, or attempted to invite or induce a scheme member to transfer the scheme member’s MPF benefits from an MPF scheme to another scheme, he contravened the conduct requirements of exercising a level of care, skill and diligence that may reasonably be expected of a prudent person who is carrying on the regulated activity under the Mandatory Provident Fund Schemes Ordinance (MPFSO)².  He also contravened the Guidelines on Conduct Requirements for Registered Intermediaries³.  The key facts of WONG’s misconduct are that WONG deliberately failed to carry out the scheme member’s instructions to transfer the scheme member’s MPF benefits from an MPF scheme to another MPF scheme as he was about to work for another principal intermediary.

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

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

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

– Ends –

20 July 2023

_{1. WONG (MPF Registration No.124683) was a subsidiary intermediary attached to FWD Life Insurance Company (Bermuda) Limited from 18 December 2017 to 16 June 2020.  Afterwards, WONG was attached to Manulife (International) Limited from 15 September 2020 to 9 December 2020.  WONG was de-registered as a subsidiary intermediary on 17 March 2021.}

_{2. Section 34ZL(1)(b) of the MPFSO.}

_{3. The Guidelines provides that an MPF intermediary should take all reasonable steps to carry out client instructions promptly and accurately, notify the client after the instructions have been carried out and alert the client within a reasonable time in case of any delay or failure to execute the client’s instructions by the registered intermediary.}