Chapter 3: Key Features of the MPF System
MPF Intermediaries Examination · Chapter 3: Key Features of the MPF System
Under the MPF legislation, what is the minimum financial requirement that a trustee must meet?
Why: Per Study Notes section 3.1.1, trustees must meet stringent requirements including paid-up share capital and net assets of at least HK$150 million each before MPFA approval. The lower HK$50 million threshold applies only to registered trust companies acting as custodians under specific conditions (section 3.2), not to trustees themselves.
Which of the following is covered by the MPF scheme's professional indemnity insurance?
Why: Per Study Notes section 3.1.2, professional indemnity insurance covers fraud and negligence by the trustee or delegated service providers, and prescribed risks like loss of scheme assets in transit. Option D is explicitly excluded — the insurance does not cover losses attributable to investing scheme funds in the ordinary course of business.
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