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- MPFA reminds intermediaries to renew registration before deadline
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MPFA reminds intermediaries to renew registration before deadline
The Mandatory Provident Fund Schemes Authority (MPFA) reminds Mandatory Provident Fund (MPF) intermediaries that the transitional period under the regulatory regime for MPF intermediaries will end on 31 October 2014.
The new statutory regulatory regime for MPF intermediaries came into effect on 1 November 2012. At that time, there were about 32,300 MPF intermediaries (including principal and subsidiary intermediaries1) registered under the old regime. These intermediaries need to register again under the new regime during the two-year transition to continue to conduct regulated MPF sales and marketing activities.
According to MPFA statistics, as at mid-July 2014, about 26,400 MPF intermediaries had renewed their registration under the statutory regulatory regime. About 5,400 subsidiary intermediaries have been de-registered as they are no longer attached to any principal intermediaries. About 500 intermediaries (including about 40 principal intermediaries) have yet to register. The MPFA calls on these intermediaries to register with the MPFA as soon as possible. For those who fail to submit their registration applications on or before 31 October 2014, their registration will no longer be valid and they will be prohibited from conducting any MPF-related regulated activities starting from 1 November 2014.
Under the law, subject to specified exceptions, it is an offence for anyone who is not a registered MPF intermediary to engage in regulated MPF sales or marketing activities. Offenders are liable to a maximum penalty of a fine of $5 million and imprisonment for seven years.
The MPFA also reminds MPF subsidiary intermediaries that they are required to attend 10 hours of continuing professional development (CPD) activities in each calendar year, of which two hours must be core CPD activities. Subsidiary intermediaries who fail to comply with the CPD requirements will be subject to suspension or revocation of their registration.
A subsidiary intermediary whose registration is revoked due to failing to comply with the CPD requirements must pass the relevant examination again to re-register as a subsidiary intermediary.
MPF intermediaries can refer to the Handbook on MPF Intermediary Registration posted on the MPFA website for details of the registration requirements.
- Ends -
31 July 2014
The new statutory regulatory regime for MPF intermediaries came into effect on 1 November 2012. At that time, there were about 32,300 MPF intermediaries (including principal and subsidiary intermediaries1) registered under the old regime. These intermediaries need to register again under the new regime during the two-year transition to continue to conduct regulated MPF sales and marketing activities.
According to MPFA statistics, as at mid-July 2014, about 26,400 MPF intermediaries had renewed their registration under the statutory regulatory regime. About 5,400 subsidiary intermediaries have been de-registered as they are no longer attached to any principal intermediaries. About 500 intermediaries (including about 40 principal intermediaries) have yet to register. The MPFA calls on these intermediaries to register with the MPFA as soon as possible. For those who fail to submit their registration applications on or before 31 October 2014, their registration will no longer be valid and they will be prohibited from conducting any MPF-related regulated activities starting from 1 November 2014.
Under the law, subject to specified exceptions, it is an offence for anyone who is not a registered MPF intermediary to engage in regulated MPF sales or marketing activities. Offenders are liable to a maximum penalty of a fine of $5 million and imprisonment for seven years.
The MPFA also reminds MPF subsidiary intermediaries that they are required to attend 10 hours of continuing professional development (CPD) activities in each calendar year, of which two hours must be core CPD activities. Subsidiary intermediaries who fail to comply with the CPD requirements will be subject to suspension or revocation of their registration.
A subsidiary intermediary whose registration is revoked due to failing to comply with the CPD requirements must pass the relevant examination again to re-register as a subsidiary intermediary.
MPF intermediaries can refer to the Handbook on MPF Intermediary Registration posted on the MPFA website for details of the registration requirements.
- Ends -
31 July 2014
1 Principal intermediaries refer to companies conducting “regulated activities”, while subsidiary intermediaries refer to employees, agents or representatives working for principal intermediaries.
