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The MPFA reprimands and disqualifies the registration of TSANG Tung Lin (TSANG) (MPF Registration No.: 089181), a former MPF subsidiary intermediary¹ attached to an MPF principal intermediary² AXA China Region Insurance Company Limited (AXA)³, as an MPF intermediary for 12 months from 4 June 2024 to 3 June 2025.

The MPFA found that TSANG (i) impersonated a scheme member in calling two MPF trustees respectively to obtain the scheme member’s account information; and (ii) failed to promptly carry out the scheme member’s instruction to transfer that scheme member’s MPF benefits from an MPF scheme to another scheme. TSANG has therefore contravened the conduct requirements under the Mandatory Provident Fund Schemes Ordinance that when carrying on a regulated activity, a subsidiary intermediary 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.  TSANG also contravened the Guidelines on Conduct Requirements for Registered Intermediaries.

In deciding the disciplinary sanction of the case, the MPFA took into account all relevant circumstances, including (a) the nature, seriousness and impact of TSANG’s breaches; (b) TSANG has no previous disciplinary record with the MPFA; and (c) the need to send a strong deterrent message to the industry that the MPFA will not tolerate such misconduct.

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 – 
MPFA
4 June 2024

_{1. 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.}

_{2. A principal intermediary is a business entity registered by the MPFA to engage in conducting MPF sales and marketing activities and giving regulated advice.}

_{3. TSANG was a subsidiary intermediary attached to AXA from 13 April 2011 to 29 August 2022. TSANG has ceased to be a subsidiary intermediary since 6 December 2022.}