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Supervision > Regulation of MPF Intermediaries > Roles of the MPFA and the Insurance Authority

Roles of the Mandatory Provident Fund Schemes Authority(“MPFA”) and the Insurance Authority

Under the new statutory regime, the MPFA is the authority to register MPF intermediaries, to issue guidelines on compliance with statutory requirements applicable to registered MPF intermediaries, and to impose disciplinary sanctions.

On the other hand, the Insurance Authority (“IA”) is given the statutory role for monitoring compliance of registered MPF intermediaries, of whom the IA has been assigned as the frontline regulator, with the conduct requirements stipulated in the Mandatory Provident Fund Schemes Ordinance (Cap.485) (“MPFSO”). If the IA has reasonable cause to believe that the registered MPF intermediaries may have failed to comply with the statutory conduct requirements, the IA may exercise the investigation powers under the MPFSO for investigating the suspected non-compliance.