Info Center

The MPFA reprimands and disqualifies the registration of YAN Yuen Yee Angel (YAN) as an MPF intermediary for 2 months from 12 February 2025 to 11 April 2025 (both dates inclusive). YAN was a former MPF subsidiary intermediary¹ attached to an MPF principal intermediary², Manulife (International) Limited (Manulife)³.

The MPFA found that YAN had prepared marketing materials for selling an MPF scheme but failed to seek approval of the marketing materials from Manulife before distribution to scheme members. YAN’s misconduct contravened the related internal policy and guideline of Manulife, as well as the conduct requirements of acting honestly, fairly, in the best interests of the client and with integrity, and 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 as stipulated in the Mandatory Provident Fund Schemes Ordinance and 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 the breach by YAN; (b) YAN has no previous disciplinary record with the MPFA; and (c) the need to send a deterrent message to the industry.

The case was referred to the MPFA in April 2024 for follow-up action following an investigation by the Insurance Authority.

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

– Ends – 
12 February 2025

_{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. YAN (MPF Registration No.: 105221) was a subsidiary intermediary attached to Manulife between 27 May 2014 and 31 October 2022. YAN has ceased registration as a subsidiary intermediary since 7 February 2023.}