Hong Kong industry groups unite over MPF issues

Service providers hope by presenting the government with one face, they can more effectively shape changes to retirement asset regulations.

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...

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