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- Failure to pay annual fees and/or additional fees may result in suspension or revocation of registration of MPF intermediaries
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Failure to pay annual fees and/or additional fees may result in suspension or revocation of registration of MPF intermediaries
Annual fees and application fees for Mandatory Provident Fund (MPF) intermediaries were implemented on 1 January 2018.
Under the MPF legislation, an MPF intermediary who was registered before 1 January 2018 must pay the annual fee to the Mandatory Provident Fund Schemes Authority (MPFA) on or before 1 February 2018. The MPFA sent a payment reminder to all MPF intermediaries in December 2017. Over 90% of the intermediaries have paid on time. Those who have failed to settle the annual fee in full on time must pay an additional fee equal to 10% of the annual fee. Intermediaries who fail to pay the annual fee and/or additional fee to the MPFA before the deadline (i.e. on or before 1 April 2018) may have their registration suspended. If the annual fee and/or additional fee is still not paid 30 days after the suspension takes effect, their registration may be revoked.
The MPFA reminds subsidiary intermediaries and principal intermediaries to settle the annual fees and/or additional fees on time to avoid suspension or revocation of their registration. More information about intermediaries’ fees can be found on the MPFA website.
– Ends –
6 March 2018
Under the MPF legislation, an MPF intermediary who was registered before 1 January 2018 must pay the annual fee to the Mandatory Provident Fund Schemes Authority (MPFA) on or before 1 February 2018. The MPFA sent a payment reminder to all MPF intermediaries in December 2017. Over 90% of the intermediaries have paid on time. Those who have failed to settle the annual fee in full on time must pay an additional fee equal to 10% of the annual fee. Intermediaries who fail to pay the annual fee and/or additional fee to the MPFA before the deadline (i.e. on or before 1 April 2018) may have their registration suspended. If the annual fee and/or additional fee is still not paid 30 days after the suspension takes effect, their registration may be revoked.
The MPFA reminds subsidiary intermediaries and principal intermediaries to settle the annual fees and/or additional fees on time to avoid suspension or revocation of their registration. More information about intermediaries’ fees can be found on the MPFA website.
– Ends –
6 March 2018
