Consultation respondents demand statutory regime on MPF products

The regime aims to regulate the sale and marketing of MPF products before the implementation of the Employee Choice Arrangement.

A statutory regime should be introduced to regulate the sale and marketing of MPF products, according to the consultation conclusions on the legislative proposals to enhance the regulation of Mandatory Provident Fund intermediaries announced on Friday.

The consultation, which started on March 28, saw 13 written submissions submitted.

The majority support the introduction of a statutory regime to regulate the sale and marketing of MPF products before the implementation of the Employee Choice Arrangement. They also did not indicate disagreement with the proposal the statutory regulatory regime be modelled on the existing administrative arrangements.

The Financial Services & the Treasury Bureau and the Mandatory Provident Fund Schemes Authority are proceeding with the drafting of the legislation.

The Government will table the bill at the Legislative Council in the fourth quarter of this year, so the arrangement can be implemented in the second half of next year.