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Article | MPFexpress

Intermediaries' telephone sales guidelines help prevent scams in MPF

By Elaine Hwang and William Chow | November 3, 2023

Familiarize yourself with how the new guidelines help combat scams in MPF. This article in English and Chinese is available for download.

Intermediaries (also known as brokers or agents) play a crucial role in the Mandatory Provident Fund (MPF) system. They not only explain product features, investment performance and services but may also compare different MPF schemes and provide recommendations on retaining or switching MPF provider based on members' requirements. Due to the emergence of fraudsters impersonating MPF intermediaries to obtain members' personal information or money, the MPFA (Mandatory Provident Fund Schemes Authority) has issued "Guidelines on Telephone Sales Conducted Proactively by Intermediaries" effective from September 1 this year to raise public awareness and combat scams.

Verifying through designated phone numbers

According to the guidelines, MPF Principal Intermediaries (commercial entities registered with the MPFA as intermediaries) must provide a designated phone number, which should be listed on their official website or social media platforms for the public to easily check and verify the caller's identity and the incoming call number. In other words, if a member has doubts about a phone call claiming to be from a certain MPF intermediary, they can call the intermediary's designated phone number to verify its authenticity.

Sales conducted through a designated or endorsed number

Additionally, Principal Intermediaries should provide a designated or endorsed phone number to individuals authorized to conduct telephone sales, and the incoming call number should not be hidden to facilitate verification. Therefore, any call claiming to be from an MPF intermediary that originates from overseas or does not display the incoming call number is likely to be a fraudulent call. In such circumstances, members should not disclose any personal information and can contact the relevant Principal Intermediary to make a record of the incident.

Caller must provide full name and registration number

During telephone sales, intermediaries can only make calls between 9 am and 9 pm and must provide their full name, MPF registration number (if applicable), company name, company contact number and the purpose of the call to the recipient. Members can request an explanation of how their contact information was obtained and ask Principal Intermediaries to remove their contact information from the call list. They can also verify the intermediary's identity by checking the MPFA's register of MPF intermediaries or by calling the intermediary's designated phone number.

Facilitating intermediary services and product promotion

We believe that these guidelines help address members' concerns about incoming calls and provide an effective means for members to verify the caller's identity, thus preventing potential scams. They also facilitate intermediaries in promoting their services and selling products in a regulated manner. With the continuous improvement of the MPF system in recent years and increased awareness of MPF products among members, we anticipate that in this regulated and safeguarded environment for both intermediaries and members, members will value the advice provided by intermediaries, and intermediaries will actively sell and manage their clients' MPF products.


Senior Director & Business Development Lead, Greater China

Head of Retirement, Hong Kong & Macau

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