The Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) has reprimanded and disqualified the registration of YAN Yuen Yee Angel as a Mandatory Provident Fund (MPF) intermediary for two months from 12 February 2025 to 11 April 2025 (both dates inclusive). YAN was formerly an MPF subsidiary intermediary attached to Manulife (International) Limited. The MPFA found that YAN prepared marketing materials for selling an MPF scheme but failed to obtain Manulife’s approval before distributing them to scheme members, contrary to Manulife’s internal policy and guideline and the conduct requirements under the Mandatory Provident Fund Schemes Ordinance and the Guidelines on Conduct Requirements for Registered Intermediaries. In setting the sanction, the MPFA considered the nature, seriousness and impact of the breach, YAN’s lack of prior disciplinary record with the MPFA, and the need for deterrence. The case was referred to the MPFA in April 2024 following an investigation by the Insurance Authority.
Hong Kong Mandatory Provident Fund Schemes Authority 2025-02-12
Hong Kong Mandatory Provident Fund Schemes Authority reprimands and disqualifies YAN Yuen Yee Angel for two months as an MPF intermediary
The Hong Kong Mandatory Provident Fund Schemes Authority has reprimanded and disqualified YAN Yuen Yee Angel as a Mandatory Provident Fund intermediary for two months due to unauthorized distribution of marketing materials. YAN, formerly with Manulife (International) Limited, breached internal policies and conduct requirements under the Mandatory Provident Fund Schemes Ordinance. The decision considered the breach's nature, seriousness, and impact, alongside YAN's clean record.