PrepLicense: HK MPF · Study Notes · Chapter 4

MPF Chapter 4: MPF Trustees

This chapter covers trustees' statutory status, approval criteria, duties, conflict-of-interest management, liability, and replacement procedures.

1. Statutory Role of Trustees

MPF trustees hold and manage scheme assets, owing fiduciary duties of care, loyalty and good faith to act in the best interests of beneficiaries (members).

2. Approval Criteria for Trustees

Applicants must be Hong Kong-incorporated companies meeting minimum paid-up capital requirements, with fit-and-proper personnel, sound internal controls, adequate capital and professional indemnity insurance.

3. Main Duties of Trustees

Managing scheme assets, selecting investment managers, processing contributions and withdrawals, maintaining member records, and providing required information to MPFA and members.

4. Conflict of Interest Management

Trustees must establish written policies to identify, disclose and manage potential conflicts, particularly when affiliated companies provide services (e.g. fund management, custody), demonstrating arm's-length terms.

5. Liability of Trustees

Trustees are liable for losses caused by negligence, breach of trust or breach of statute, and must hold minimum trustee professional indemnity insurance and contribute to the Compensation Fund.

6. Compensation Fund

Administered by MPFA, the Compensation Fund covers member losses caused by trustee misfeasance or fraud. Trustees contribute as required by law.

7. Replacement or Revocation of Trustee Approval

MPFA may revoke approval in cases of serious breach, deteriorating financial condition or loss of qualification, arranging for replacement to protect member interests.

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本應用為獨立學習工具，與強制性公積金計劃管理局（MPFA）及職業訓練局（VTC）無關，亦未獲其認可。