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The Mandatory Provident Fund Schemes Authority (MPFA) today (19 January) issued a circular to all Mandatory Provident Fund (MPF) principal intermediaries¹, reminding them to exercise caution when engaging marketing partners to promote their MPF services by phone. They are also advised to make sure that such telemarketing activities comply with the law.
 
In the circular, principal intermediaries are reminded to carefully select their marketing partners and to require them to abide by all applicable laws. They are also reminded to closely monitor the marketing activities conducted by their marketing partners and their subsidiary intermediaries², in particular those involving telemarketing companies, and remind their subsidiary intermediaries of the relevant legal requirements. The circular has been posted on the MPFA website.
 
The MPFA will impose disciplinary sanctions, including reprimand, fine, or revocation or suspension of registration, against intermediaries found to have violated the performance requirements under the Mandatory Provident Fund Schemes Ordinance. In addition, if the MPFA becomes aware of any suspected contravention of any other legislation, it will report the intermediary to the relevant enforcement agency (including the police) for follow-up actions.
 
The MPFA reminds members of the public to pay attention to the caller’s identity when receiving cold calls promoting MPF services. The MPFA reiterates that it never contacts members of the public to set up meetings or to ask for information about their MPF accounts to sell them MPF products, nor does the MPFA ever appoint anyone to do so. Members of the public should be very careful about disclosing to anyone their personal information. They can call the MPFA Hotline on 2918 0102 to enquire whether any callers are MPFA staff members.

- Ends -
 
19 January 2015

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