Hong Kong Mandatory Provident Fund MPF Bans Ex-FWD Life Insurance Subsidiary Wong Chun Ying as MPF Intermediary for 5 Years for Transferring 2 MPF Members Scheme to Another Scheme in 2019 & 2020 Without Members Authorization
10th April 2024 | Hong Kong
Hong Kong Mandatory Provident Fund (MPF) has banned ex-FWD Life Insurance subsidiary Wong Chun Ying as MPF intermediary for 5 years for transferring 2 MPF members scheme to another scheme in 2019 & 2020 without the members’ authorization. Hong Kong MPF (9/4/24): “The MPFA reprimands and disqualifies the registration of WONG Chun Yin (WONG) (MPF Registration No.: 124683), a former subsidiary intermediary attached to FWD Life Insurance Company (Bermuda) Limited (FWD), as an MPF intermediary for 5 years from 8 April 2024 to 7 April 2029. The case was referred to the MPFA following an investigation by the Insurance Authority. The MPFA found that WONG effectuated three transfers of MPF of two scheme members (Scheme Members) from their original MPF schemes to another scheme in 2019 and 2020 respectively without their authorization and knowledge, contravening the conduct requirements under the Mandatory Provident Fund Schemes Ordinance that when carrying on a regulated activity, a subsidiary intermediary must act honestly, fairly, in the best interests of his client and with integrity. Both Scheme Members had not met WONG or signed any relevant MPF forms prior to the transfers of their MPF. In deciding the disciplinary sanction of the case, the MPFA took into account all relevant circumstances, including (a) the nature, seriousness and impact of WONG’s breaches; (b) a previous disciplinary order of one-month disqualification from registration from 19 July 2023 to 18 August 2023 imposed on WONG by the MPFA; and (c) the need to send a strong deterrent message to the industry.” A copy of the Statement of Disciplinary Action is available here.
“ Hong Kong Mandatory Provident Fund MPF Bans Ex-FWD Life Insurance Subsidiary Wong Chun Ying as MPF Intermediary for 5 Years for Transferring 2 MPF Members Scheme to Another Scheme in 2019 & 2020 Without Members Authorization “
Cynthia Li, the MPFA’s Director of Enforcement: “The MPFA will not tolerate any misconduct and will impose heavier disciplinary sanctions, such as a longer period of suspension of registration, in cases involving serious misconduct to strengthen the deterrent effect and raise industry standards. MPF intermediaries are reminded to comply with regulatory requirements at all times.”
Note:
- WONG was a subsidiary intermediary attached to FWD from 18 December 2017 to 16 June 2020. WONG was de-registered as a subsidiary intermediary on 17 March 2021.
- A subsidiary intermediary is a person registered by the MPFA to carry out MPF sales and marketing activities and to give regulated advice on behalf of a principal intermediary to which the person is attached. A principal intermediary is a business entity registered by the MPFA to engage in conducting MPF sales and marketing activities and giving regulated advice.
Hong Kong Mandatory Provident Fund MPF Bans Ex-FWD Life Insurance Subsidiary Wong Chun Ying as MPF Intermediary for 5 Years for Transferring 2 MPF Members Scheme to Another Scheme in 2019 & 2020 Without Members Authorization
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