MPF Intermediaries Qualifying Exam study guide
MPF Intermediaries Qualifying Exam · Work through your exam, one topic at a time.
The MPF Intermediaries Qualifying Exam is the industry examination used in Hong Kong to demonstrate the competence required of individuals who sell, advise on, or service Mandatory Provident Fund (MPF) schemes. It is relevant to people seeking registration or licensing as MPF intermediaries - including responsible officers, technical representatives and sales staff working through banks, insurers, brokers and other approved channels - and to compliance, operations and training staff who need a working knowledge of the regime. The MPF Intermediaries Qualifying Exam study guide has 9 sections and about 4,640 words.
01MPF System Overview
The MPF system is Hong Kong's second-pillar, privately managed retirement savings arrangement. The Mandatory Provident Fund Schemes Ordinance (Cap.
431 words, about 2 min02Legislation and Regulatory Framework
The legal architecture: the MPFSO and its subsidiary legislation, ORSO, the SFO and Insurance Ordinance as licensing gateways for intermediaries, AML/CFT rules, and which regulator does what. Mandatory Provident Fund Schemes Ordinance (Cap.
418 words, about 2 min03MPF Scheme Types
Scheme architecture: master trust, employer-sponsored and industry schemes, umbrella structures and constituent funds, the Default Investment Strategy, and the MPF-exempt ORSO alternative. Master trust scheme: open to any employer, member or SEP; many employers pool into the same trust, giving economies of scale.
455 words, about 2 min04Constituent Funds and Investment Rules
How MPF money may be invested, through which vehicles, and within which limits. This is the territory of the MPF Schemes (General) Regulation and the MPFA's investment guidance.
410 words, about 2 min05Accrual, Vesting, Contributions and Mandatory Contributions
How contributions are calculated, when they are due, what vests when, and the different positions of employees, employers, casual employees and SEPs. Mandatory contributions are 5% of relevant income from the employee and 5% from the employer.
414 words, about 2 min06Preservation, Portability and Transfer of Accrued Benefits
Preservation of benefits until retirement, portability of accrued benefits, and the specific transfer routes: on termination of employment, under the Employee Choice Arrangement (ECA), and between accounts. Accrued benefits from mandatory contributions must be preserved until the member reaches 65 or qualifies under a statutory early-withdrawal ground.
423 words, about 2 min07Withdrawal, Retirement, Early Withdrawal and Termination Benefits
When money can come out: at 65, at 60 on early retirement, and on the statutory early-withdrawal grounds, plus how termination payments interact with MPF. At 65 a member may take all accrued benefits, in a lump sum or by instalments.
410 words, about 2 min08Intermediary Conduct, Suitability, Disclosure and Client Onboarding
Who may act as an MPF intermediary, what must happen before a recommendation is made, and how suitability and disclosure are documented. Principal intermediaries are companies (SFC-licensed corporations, registered institutions such as banks, or insurance brokers) registered with the MPFA.
411 words, about 2 min09Sales Practices, Marketing and Prohibited Conduct
How MPF products may be promoted and sold, and where acceptable persuasion ends and prohibited conduct begins. Marketing must be accurate, balanced and not misleading.
1,268 words, about 6 min