Handling of Applications for Early Withdrawal of Accrued Benefits on Grounds of Permanent Departure from Hong Kong

Terence Chan, the Sr. Manager of the Supervision Division of the MPFA, has issued a circular addressed at all registered intermediaries expressing his concern resulting from a rise in subsidiary intermediaries‘ assistance in submitting false claims for the members‘ early withdrawal from their MPF accrued benefits on the grounds of permanent departure from HK recently.
In this circular, the manager stresses that this is neither in-line with the MPFSO nor the conduct requirements for Registered Intermediaries (Conduct Guidelines), and that it is a criminal offence to submit or suggest misleading information to the MPFA. As a reminder, the standards of conduct when handling premature departure claims require the following from intermediaries: exercising care and due diligence, taking the individual’s circumstances and having proper controls and procedures in place.