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The MPFA reprimands and disqualifies MA Chun Wai (MA) as an MPF intermediary for 20 months from 17 November 2023 to 16 July 2025¹.

The MPFA found that, when MA invited or induced, or attempted to invite or induce an employer to apply to participate in an MPF scheme in November 2019, he contravened the conduct requirements of acting honestly, fairly, in the best interests of the clients and with integrity, exercising a level of care, skill and diligence that may reasonably be expected of a prudent person who is carrying on the regulated activity, and ensuring client assets are promptly and properly accounted for as stipulated in the Mandatory Provident Fund Schemes Ordinance (MPFSO)². He also contravened the Guidelines on Conduct Requirements for Registered Intermediaries³. The key facts of MA’s misconduct are summarized as follows:

(1) MA failed to execute an employer’s instructions for account opening and enrolments of six employees and alert the employer within a reasonable time when there was a delay or failure to execute the instructions;
(2) MA failed to forward two cheques issued by the employer for making MPF contributions for its six employees to an MPF trustee;
(3) MA failed to ensure the two cheques issued by the employer were made payable to the MPF trustee; and
(4) MA failed to provide copies of the signed MPF forms to the employer and its employees as soon as reasonably practicable.

In deciding the disciplinary sanction, the MPFA took into account all relevant circumstances, including the nature, seriousness and impact of MA’s breaches 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 – 
17 November 2023

_{1. MA (MPF Registration No. 129725) was a subsidiary intermediary attached to Sun Life Hong Kong Limited from 27 February 2019 to 17 August 2020.  MA was de-registered as a subsidiary intermediary on 24 November 2020.}

_{2. Section 34ZL(1)(a), 34ZL(1)(b) and 34ZL(1)(g) of the MPFSO.}

_{3. The Guidelines provide that an MPF intermediary:}

_{(a) should 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 and another copy should be kept by the principal intermediary for a minimum period of seven years.}

_{(b)  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.}

_{(c) is generally not expected to handle client assets. In the event that a registered intermediary is asked by its client to forward a cheque payment to the approved trustee of a registered scheme, it should do so promptly.}

_{(d) must not receive cash payments and must ensure that all cheques received are crossed and made payable to the approved trustee of the registered scheme or to the registered scheme only.}