Regulatory Approach

Given that most MPF intermediaries come from the banking, securities and insurance industries, they are already subject to the supervision of at least one regulatory regime. Therefore, in regulating MPF intermediaries, the MPFA uses a decentralized and coordinated approach, relying on the three financial regulators in Hong Kong, namely the Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority, for the supervision of those MPF intermediaries falling under their respective regulatory regimes. The MPFA acts as the lead regulator and coordinator in the regulation of MPF intermediaries.

A Memorandum of Understanding Concerning the Regulation of MPF Intermediaries has been signed by the four regulators to ensure conformity in regulatory approach, minimize duplication of regulatory efforts, close gaps in regulatory boundaries, minimize mis-selling by MPF intermediaries and maximize protection of MPF scheme participants.