Today Wednesday, the Retirement Schemes Industry Group RSIG announced itself to the media.
It is a cross-association forum created by the Hong Kong Federation of Insurers, the Hong Kong Investment Funds Association and the Hong Kong Trustees Association aimed to consult the government on the long-term development of the retirement fund industry.
The launch of Hong Kongs Mandatory Provident Fund MPF scheme has been a great success, with higher-than-expected sign-up rates among employers, employees and self-employed persons. But for service providers, it has been a bigger nightmare than they bargained for because the regulations are overly complex.
Furthermore, relations between service providers and the Mandatory Provident Fund Schemes Authority MPFA have been...