Supervision

MPF Intermediaries

Ongoing Requirements

Reporting information changes

Intermediaries must report any relevant change in writing to MPFA within seven working days.

For principal intermediaries (PI), relevant changes include:

  • a PI ceases to carry on any regulated activities;
  • a subsidiary intermediary (SI) ceases to be a responsible officer (RO) of a PI;
  • a change in the address or any contact details of a PI; or
  • the acquisition, suspension or cessation of Type A regulatee qualification.

For SIs, relevant changes include:

  • a change in the name, address, or any contact details of an SI;
  • the acquisition, suspension or cessation of Type B regulatee qualification; or
  • an SI ceases to be an RO of a PI.

MPFA encourages all MPF intermediaries to login to eService for checking their registration details and informing MPFA of any relevant changes to information through the following links:

Prescribed forms can be downloaded from the List of Useful Tools to inform MPFA of the relevant changes to information.

A PI or an SI who fails to report the relevant changes commits an offence and may be liable to a fine of up to $50,000.

Continuing training

To ensure that intermediaries meet the continuing training requirements, MPFA requires SIs to undertake and complete the Continuing Professional Development (CPD) activities within a set time period.  For details of the CPD requirements, please refer to the Guidelines on Continuing Training for Subsidiary Intermediaries. 

 

Consequences of non-compliance


If an SI fails to satisfy the CPD requirements specified by MPFA, his/her registration status may be suspended or revoked.  The SI will need to re-take and pass the MPF Intermediaries Examination if his/her registration was revoked due to non-compliance with the CPD requirements and he/she wishes to be registered again.

Continuing Professional Development (“CPD”)

CPD helps SIs maintain and enhance their expertise in the MPF System and related areas.

 

  • For the calendar year of 2023 and before, all SIs are required to attend 10 hours of CPD activities in each calendar year of which two hours must be core CPD activities approved by MPFA.
  • With effect from 1 January 2024, all SIs are required to attend 15 hours of CPD activities in each calendar year of which 4 hours must be core CPD activities approved by MPFA.
  • All core CPD activities must be approved by MPFA.
  • See List of Currently Approved MPF Core CPD Activities.

Annual return forms

Please read VI.3 Guidelines on Annual Returns to be Delivered by Registered Intermediaries before completing the Form(s)(Form Annual Return - PI and Form Annual Return - SI).

 

MPFA encourages all MPF intermediaries to login to eService for submission of annual returns through the following links:

Relevant annual fees for MPF intermediaries

Annual fees relevant to MPF intermediaries are as follows:

 

  • Annual fee payable by a registered PI: $1,430
  • Annual fee payable by a registered SI: $180


Consequences for non-compliance

 

  • If the annual fee is not paid in full on or before the deadline, an additional fee of an amount equal to 10% of the annual fee shall be payable.
  • If a PI or an SI fails to settle the annual fee (including the additional fee) in full, MPFA may suspend or revoke the registration of the PI or SI.
 
MPFA encourages all MPF intermediaries to login to eService for payment of annual fees through the following links: