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The Mandatory Provident Fund Schemes Authority (MPFA) today (Friday, 14 November 2003) welcomes the study conducted by the Consumer Council on the disclosure of information on MPF funds, and the recommendations made by the Council to help scheme members to make more effective investment decisions. 

Findings of the study on MPF information disclosure were released by the Consumer Council today.

A spokesperson for the MPFA pointed out that the Authority has earlier (September 2003) announced that it has taken the initiative to embark on a project to improve the disclosure of information on MPF funds, which will provide scheme members with clearer and easier-to-understand information to enable them to make more effective MPF investment decisions.

"The direction and objectives of our Disclosure Project are very similar to the recommendations made by the Consumer Council, and we are greatly encouraged by this finding.  We will study the Consumer Council's recommendations, which will be taken into account when we develop our detailed proposals."

The Disclosure Project is supported by the industry, and the MPFA is now working together with the industry in developing detailed proposals. 

"It is expected that detailed proposals will be worked out by the end of this year, and the new measures will be implemented in phases starting from next year.  At present, work will be focussed on the standardisation of how fees and charges are disclosed and the presentation of fund performance."

On MPF education, the spokesperson said the MPFA agrees with the Consumer Council that more consumer education is needed. 
 
"The MPFA will step up its public education programmes and will work in partnership with relevant organisations to help the community and scheme members to understand and to make the best use of the information available."


End/Friday, 14 November, 2003