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The MPFA has disqualified Liu Wing-kit as a Mandatory Provident Fund (MPF) intermediary for 10 months from 11 February 2020 to 10 December 2020.

The MPFA found that when Liu invited an MPF scheme member to transfer the scheme member’s MPF benefits from two MPF schemes to another MPF scheme in or about March 2018, he had contravened the conduct requirements of acting honestly, fairly, in the best interests of his client, and with integrity under the Mandatory Provident Fund Schemes Ordinance (MPFSO) and the Guidelines on Conduct Requirements for Registered Intermediaries.  The key facts of Liu’s misconduct are summarized as follows:

1. Liu effected the transfers without the scheme member’s proper authorization;
2. For the purpose of effecting the transfers, Liu disclosed the scheme member’s personal information to a third party and arranged such third party to impersonate the scheme member in calling two MPF trustees to obtain the scheme member's account information; and
3. Liu failed to ensure that seven MPF forms were duly completed before asking the scheme member to sign on them.

In deciding on the disciplinary order, the MPFA took into account all the circumstances of the case including that Liu has made frank admissions and has no previous disciplinary record with the MPFA.

The case was referred to the MPFA following investigation by the Insurance Authority.

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

– Ends –

11 February 2020

1. Liu (MPF Registration No. 120609) was attached to Sun Life Hong Kong Limited before he was de-registeredas a subsidiary intermediary on 10 October 2019. 
2. Section 34ZL(1)(a) of the MPFSO provides that when carrying on a regulated activity, an MPF intermediarymust act honestly, fairly, in the best interests of the client, and with integrity. 
3. Paragraph III.3 of the Guidelines provides that a registered intermediary should ensure that any form to besigned by a client is duly completed in all material respects before asking the client to sign on it. Paragraph III.8 of the Guidelines provides that a registered intermediary should act in the best interests of the client in conducting sales and marketing activities and in giving regulated advice in relation to registered schemes/constituent funds. Paragraph III.9 of the Guidelines provides that a registered intermediary should treat all information supplied by a client as confidential, must not disclose or use such information except as permitted at law, and avoid any misuse of the personal information obtained in the course of its business activities.